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        <category>Global Financial Strategy</category>
        <title>GFSnews.com</title>
        <description>GFS news RSS Feed</description>
        <link>http://www.gfsnews.com</link>
        <pubDate>2013-05-23 08:17:05</pubDate>
        <lastBuildDate>2013-05-23 08:17:05</lastBuildDate>
        <managingEditor>Nicola York nicola.york@gfsnews.com</managingEditor>
		<item>                
                <title><![CDATA[GFS HAS NOW CLOSED]]></title>
                <description><![CDATA[GFS will therefore produce its last news update on February 1st 2012. 
 
All GFS staff will transfer to the parent from February 1st in roles to serve Cicero's expanding core communications businesses across financial sector government affairs, media relations, digital and research. For further information please contact former editor nicola.york@cicero-group.com or publisher...]]></description>
				<link>http://www.gfsnews.com/article/4198/1/</link>
                <guid>http://www.gfsnews.com/article/4198/1/</guid>
                <pubDate>Wednesday 1 Feb 2012 10:50:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/4198_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/4198_m3.jpg"/>
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		<item>                
                <title><![CDATA[DAVOS STALEMATE ON EU'S IMF FUNDS]]></title>
                <description><![CDATA[During the World Economic Forum meeting in Davos last week, a group of high-powered leaders warned that the eurozone must allocate more of its own money to a financial firewall to prevent its member states' economic problems from contaminating the rest of the region, before it can expect other countries to help.

The UK chancellor George Osborne said: "There are not going to be further...]]></description>
				<link>http://www.gfsnews.com/article/4184/1/</link>
                <guid>http://www.gfsnews.com/article/4184/1/</guid>
                <pubDate>Monday 30 Jan 2012 11:43:00 +0100</pubDate>   
                <author>Karina Whalley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/4184_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/4184_m3.jpg"/>
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		<item>                
                <title><![CDATA[RISK OF NEW BANKING CRISIS IS TOP THREAT]]></title>
                <description><![CDATA[In an annual survey by PricewaterhouseCoopers and the Centre for the Study of Financial Innovation, macroeconomic risk was cited as the greatest danger currently facing the financial industry while new regulations was only at number six.

Over 700 bankers, banking regulators and financial industry experts from 58 countries chose between a list of 30 possible risks or "banana skins" for banks....]]></description>
				<link>http://www.gfsnews.com/article/4179/1/</link>
                <guid>http://www.gfsnews.com/article/4179/1/</guid>
                <pubDate>Monday 30 Jan 2012 10:42:00 +0100</pubDate>   
                <author>Karina Whalley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/4179_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/4179_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[FIRMS RELUCTANT TO TWEET DUE TO REGULATION]]></title>
                <description><![CDATA[A report from Cicero Consulting on social media and the financial sector found that firms are reluctant to embrace social media tools due to the stringent compliance and regulations that govern the sector. 

The global report, released on Monday and based on 158 online interviews with senior decision makers in the financial sector, said that strict regulation and compliance means they are often...]]></description>
				<link>http://www.gfsnews.com/article/4129/1/</link>
                <guid>http://www.gfsnews.com/article/4129/1/</guid>
                <pubDate>Monday 23 Jan 2012 10:44:00 +0100</pubDate>   
                <author>Nicola.York@gfnews.com</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/4129_m3.jpg"/>
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		<item>                
                <title><![CDATA[DISCLOSURE RULES FOR LISTING ON AN EXCHANGE]]></title>
                <description><![CDATA[The <a href="http://www.gfsnews.com/article/3845" target="_blank">first article in this series</a> highlighted the various considerations to explore before deciding whether listing on an exchange was the best course of action. 

Once the decision to list has been reached, issuers must be aware of their ongoing commitments and obligations throughout the process.

In 2011, for instance, the...]]></description>
				<link>http://www.gfsnews.com/article/4113/1/</link>
                <guid>http://www.gfsnews.com/article/4113/1/</guid>
                <pubDate>Thursday 19 Jan 2012 10:17:00 +0100</pubDate>   
                <author>Tamara Menteshvili</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/4113_m3.jpg"/>
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		<item>                
                <title><![CDATA[HFT: POACHERS TURNED GAMEKEEPERS]]></title>
                <description><![CDATA[Interesting to read the venerable Leo Melamed's open letter in the FT this week on HFT and regulators. 

The CME's chairman emeritus certainly makes a good point when he says that trying to stifle innovation is both wrong and inevitably doomed to failure, but I am not sure he's completely right in a couple of areas. 

First, while it's true that algorithmic or HFT players have indeed had the...]]></description>
				<link>http://www.gfsnews.com/article/4053/1/</link>
                <guid>http://www.gfsnews.com/article/4053/1/</guid>
                <pubDate>Wednesday 11 Jan 2012 10:57:00 +0100</pubDate>   
                <author>Steve Grob</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/4053_m3.jpg"/>
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                <title><![CDATA[BIS APPOINTS FED MAN AS COMMITTEE HEAD]]></title>
                <description><![CDATA[William Dudley's new role becomes effective immediately for a three-year term at the helm of the Basel body's CGFS.

The previous chairman, Carney, was appointed in July 2010 and is currently the Bank of Canada's governor, as well as having been named chief of the Financial Stability Board in November.

The CGFS is a central bank forum for monitoring and examining issues relating to financial...]]></description>
				<link>http://www.gfsnews.com/article/4038/1/</link>
                <guid>http://www.gfsnews.com/article/4038/1/</guid>
                <pubDate>Tuesday 10 Jan 2012 09:46:00 +0100</pubDate>   
                <author>Karina Whalley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/4038_m3.jpg"/>
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		<item>                
                <title><![CDATA['GAPS' IN CENTRAL BANK STABILITY REPORTS - IMF PAPER]]></title>
                <description><![CDATA[In a working paper released on Monday, it said that the reports need to take more forward-looking perspectives as well as a better view of financial interconnections in order to evaluate systemic risk accurately.

"Our analysis suggests that the FSRs, despite some improvements in recent years, still tend to leave much to be desired in terms of their clarity, coverage of key risks, and...]]></description>
				<link>http://www.gfsnews.com/article/4037/1/</link>
                <guid>http://www.gfsnews.com/article/4037/1/</guid>
                <pubDate>Tuesday 10 Jan 2012 09:29:00 +0100</pubDate>   
                <author>Karina Whalley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/4037_m3.jpg"/>
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		<item>                
                <title><![CDATA[BARCLAYS REBUKED FOR 'TASTY PROFITS']]></title>
                <description><![CDATA[The bank was shortlisted on Thursday by the WDM for the 2012 Public Eye "shame award" which aims to single out corporations involved in social and environmental scandals.

The anti-poverty group, WDM has slammed Barclays for earning up to £340m in 2010 through speculation in food "futures" markets, saying it is the UK's biggest player and has driven up world food prices.

"Barclays is...]]></description>
				<link>http://www.gfsnews.com/article/4011/1/</link>
                <guid>http://www.gfsnews.com/article/4011/1/</guid>
                <pubDate>Thursday 5 Jan 2012 12:18:00 +0100</pubDate>   
                <author>Regulation Mutters</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/4011_m3.jpg"/>
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		<item>                
                <title><![CDATA[2012 VISION: HOW CAN BANKS KEEP UP WITH CHANGE?]]></title>
                <description><![CDATA[As we enter 2012 it seems the economic crisis is set to continue, with the unreliability of the euro only exacerbating an already difficult financial landscape. 

This economic uncertainty means that the future is increasingly difficult to predict, not least of all in the financial services industry. 

In dealing with the aftermath of the credit crisis, governments and regulators are under...]]></description>
				<link>http://www.gfsnews.com/article/3963/1/</link>
                <guid>http://www.gfsnews.com/article/3963/1/</guid>
                <pubDate>Thursday 29 Dec 2011 10:12:00 +0100</pubDate>   
                <author>Georges Bory</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3963_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3963_m3.jpg"/>
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                <title><![CDATA[2012 VISION: THE MOVE TO CENTRALISED REPORTING]]></title>
                <description><![CDATA[The International Organization of Securities Commission's Technical Committee and the Committee on Payment and Settlement Systems proposed their joint template for the requirements on OTC derivatives data reporting and aggregation in August with the hope of improving the assessment and identification of possible systemic risks.

The new standards are designed to 'beef up' the essential...]]></description>
				<link>http://www.gfsnews.com/article/3961/1/</link>
                <guid>http://www.gfsnews.com/article/3961/1/</guid>
                <pubDate>Thursday 29 Dec 2011 09:15:00 +0100</pubDate>   
                <author>John Mitchell</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3961_m3.jpg"/>
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                <title><![CDATA[S&P: WHY WE CHANGED OUR RATING CRITERIA]]></title>
                <description><![CDATA[The global banking sector is at a crossroads, following the unprecedented turmoil of the past four years. 

As it seeks to reinvent itself, the sector faces several critical inflection points that will affect the future creditworthiness of banks. 

It is too early to tell how each one will play out but we believe that our new banking criteria provides a coherent, globally consistent framework...]]></description>
				<link>http://www.gfsnews.com/article/3934/1/</link>
                <guid>http://www.gfsnews.com/article/3934/1/</guid>
                <pubDate>Thursday 22 Dec 2011 08:39:00 +0100</pubDate>   
                <author>Jayan Dhru</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3934_m3.jpg"/>
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                <title><![CDATA[BASEL: CREDIT RISK ADJUSTMENTS FOR DERIVS]]></title>
                <description><![CDATA[The proposals in a consultation paper on own credit risk adjustments to derivatives released on Wednesday, aim to ensure that an increase in the credit risk of a bank does not lead to a reduction in the value of its liabilities and therefore the need to increase its common equity. 

In paragraph 75 of the Basel III rules text, banks are required to "derecognise" all unrealised gains and losses...]]></description>
				<link>http://www.gfsnews.com/article/3927/1/</link>
                <guid>http://www.gfsnews.com/article/3927/1/</guid>
                <pubDate>Wednesday 21 Dec 2011 11:29:00 +0100</pubDate>   
                <author>Nicola.York@gfnews.com</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3927_m3.jpg"/>
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		<item>                
                <title><![CDATA[EU NOD TO JERSEY ZERO-TEN 'FANTASTIC']]></title>
                <description><![CDATA[The Council of Ministers approved on Monday the amended structure, which sees foreign businesses pay no tax but local firms pay a 10 per cent rate, after provoking the anger of European member states.

The EU's High Level Working Party had argued that the scheme, introduced in 2009 to attract companies to the island, was "harmful" as its deemed distribution and attribution provisions fall foul...]]></description>
				<link>http://www.gfsnews.com/article/3924/1/</link>
                <guid>http://www.gfsnews.com/article/3924/1/</guid>
                <pubDate>Wednesday 21 Dec 2011 10:36:00 +0100</pubDate>   
                <author>Will.Henley@gfsnews.com</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3924_m3.jpg"/>
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                <title><![CDATA[BIS: FIRMS TO HAVE 'SEVERE' STRESS TESTS]]></title>
                <description><![CDATA[In a consultative paper setting out updated principles for the supervision of financial conglomerates, the joint forum says periodic stress tests should be "sufficiently severe, forward looking and flexible" and should cover a variety of scenarios, including reverse stress testing.

The principles released on Monday, which are intended to supplement rather than replace banking, insurance and...]]></description>
				<link>http://www.gfsnews.com/article/3899/1/</link>
                <guid>http://www.gfsnews.com/article/3899/1/</guid>
                <pubDate>Monday 19 Dec 2011 11:02:00 +0100</pubDate>   
                <author>Nicola.York@gfnews.com</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3899_m3.jpg"/>
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                <title><![CDATA[BASEL OUTLINES CREDIT PROTECTION SUPERVISION]]></title>
                <description><![CDATA[In a statement on high cost credit protection released on Friday, the Basel Committee on Banking Supervision addresses concerns among regulators about potential capital arbitrage related to some credit protection transactions. 

The committee alerts banks to the fact that supervisors will "closely scrutinise such transactions" in both the context of evaluating credit risk transfer within the...]]></description>
				<link>http://www.gfsnews.com/article/3887/1/</link>
                <guid>http://www.gfsnews.com/article/3887/1/</guid>
                <pubDate>Friday 16 Dec 2011 11:35:00 +0100</pubDate>   
                <author>Nicola.York@gfnews.com</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3887_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3887_m3.jpg"/>
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		<item>                
                <title><![CDATA[ACHIEVING OPERATIONAL EXCELLENCE]]></title>
                <description><![CDATA[Technology innovation comes in cycles. Every ten or fifteen years or so, a new wave of solutions comes along and shakes up the status quo, forcing users, administrators and managers to think again about the tools they use on a daily basis.

We are at such a point today in the financial services industry. Fifteen years ago it was all about automating departmental workflows and eliminating the...]]></description>
				<link>http://www.gfsnews.com/article/3832/1/</link>
                <guid>http://www.gfsnews.com/article/3832/1/</guid>
                <pubDate>Thursday 15 Dec 2011 07:45:00 +0100</pubDate>   
                <author>Geoff Hodge & Phil Davies</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3832_m3.jpg"/>
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                <title><![CDATA[HONG KONG 'WORLD'S TOP FINANCIAL CENTRE']]></title>
                <description><![CDATA[The US dropped down to second place in this year's rankings owing to a surge in the performance of the Asian jurisdiction's banking and insurance sectors and an increase in its initial public offerings.

The rise of Hong Kong from fourth in last year's 'Financial Development Report' comes as the authors highlighted concerns about the US and UK being "plagued" by unstable banking...]]></description>
				<link>http://www.gfsnews.com/article/3857/1/</link>
                <guid>http://www.gfsnews.com/article/3857/1/</guid>
                <pubDate>Wednesday 14 Dec 2011 09:11:00 +0100</pubDate>   
                <author>Will.Henley@gfsnews.com</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3857_m3.jpg"/>
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                <title><![CDATA[CAYMAN RINGS CHANGES FOR MUTUAL FUNDS]]></title>
                <description><![CDATA[In June 2011 the Cayman Islands Premier announced a proposal to require new and existing master funds in open-ended master/feeder structures to register with the Cayman Islands Monetary Authority (CIMA) to bring the Cayman regime in line with the practice adopted in other jurisdictions.

Following several months of consultation with industry and CIMA, the Mutual Funds (Amendment) Bill 2011 was...]]></description>
				<link>http://www.gfsnews.com/article/3853/1/</link>
                <guid>http://www.gfsnews.com/article/3853/1/</guid>
                <pubDate>Wednesday 14 Dec 2011 08:43:00 +0100</pubDate>   
                <author>Deborah Poole</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3853_m3.jpg"/>
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                <title><![CDATA[IS LISTING ALWAYS THE BEST COURSE OF ACTION?]]></title>
                <description><![CDATA[The post financial crisis environment has created a change in market expectations. Not only is there an increasing focus on transparency, but also a flight to quality in which issuers seek to secure a listing on a recognised market in order to gain a competitive edge and attract the appropriate investors. 

More than ever, particularly within the retail sector, consideration is being given to...]]></description>
				<link>http://www.gfsnews.com/article/3845/1/</link>
                <guid>http://www.gfsnews.com/article/3845/1/</guid>
                <pubDate>Monday 12 Dec 2011 17:38:00 +0100</pubDate>   
                <author>Tamara Menteshvili</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3845_m3.jpg"/>
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                <title><![CDATA[FTT: THE REALITY BEHIND THE HEADLINES]]></title>
                <description><![CDATA[The proposed financial transaction tax has generated a huge amount of column inches in recent months and there is undoubtedly a surge of momentum behind it.

It now has the support of influential figures with the European Union. From a UK perspective there is a real risk that even if the UK vetoes the proposal, the eurozone will decide to implement the tax regardless of UK opposition.  

So...]]></description>
				<link>http://www.gfsnews.com/article/3820/1/</link>
                <guid>http://www.gfsnews.com/article/3820/1/</guid>
                <pubDate>Friday 9 Dec 2011 10:44:00 +0100</pubDate>   
                <author>Shiv Mahalingham</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3820_m3.jpg"/>
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                <title><![CDATA[HOW BRICS CAN SAVE THE EUROZONE]]></title>
                <description><![CDATA[With the real-life soap opera that is the eurozone debt crisis still holding the world in thrall, many are wondering how it will all play out. 

It is almost a certainty that the answer to that question - and the resolution to the problem of the eurozone debt crisis - lies with the Brics. Brazil, Russia, India and China are, singularly and collectively, an integral cog in the mechanism that is...]]></description>
				<link>http://www.gfsnews.com/article/3803/1/</link>
                <guid>http://www.gfsnews.com/article/3803/1/</guid>
                <pubDate>Thursday 8 Dec 2011 07:08:00 +0100</pubDate>   
                <author>Yoni Assia</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3803_m3.jpg"/>
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                <title><![CDATA[OTC TRADERS TREAD UNCERTAIN PATH TO CENTRAL CLEARING]]></title>
                <description><![CDATA[Complexity and lack of visibility in the OTC derivatives market was a major contributor to the financial crisis. Institutions struggled to understand their exposure to trading counterparties, while regulators failed to identify the systemic risks inherent in OTC trading. The aftermath has been a wave of regulation in the financial markets aimed at better managing risk and increasing transparency....]]></description>
				<link>http://www.gfsnews.com/article/3791/1/</link>
                <guid>http://www.gfsnews.com/article/3791/1/</guid>
                <pubDate>Wednesday 7 Dec 2011 07:17:00 +0100</pubDate>   
                <author>Paul Foulkes and Oliver Fleming</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3791_m3.jpg"/>
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                <title><![CDATA[SWISS MINISTRY HEARING ON CAPITAL RULES]]></title>
                <description><![CDATA[The Swiss Department of Finance on Monday announced a consultation on amendments to the Banking Act, which was approved by parliamentarians on 30 September.

The new law is set to force major Swiss banks to hold a common equity ratio of 10 per cent, with up to another 9 per cent of funding to come from instruments such as contingent convertible bonds, or CoCos.

A spokesman for the ministry...]]></description>
				<link>http://www.gfsnews.com/article/3772/1/</link>
                <guid>http://www.gfsnews.com/article/3772/1/</guid>
                <pubDate>Monday 5 Dec 2011 11:37:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3772_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3772_m3.jpg"/>
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                <title><![CDATA[GLOCALISM: A WORLD VIEW OF PRUDENTIAL REGULATION]]></title>
                <description><![CDATA[Capital management is going to be at the heart of banking strategy moving into 2012. 

The international standard setters in Basel have set 2019 as the deadline for implementation of more stringent regulatory rules, but the markets aren't going to wait that long. 

Financial institutions are going to have to move towards those tougher requirements earlier. Local regulators in the UK,...]]></description>
				<link>http://www.gfsnews.com/article/3751/1/</link>
                <guid>http://www.gfsnews.com/article/3751/1/</guid>
                <pubDate>Friday 2 Dec 2011 07:42:00 +0100</pubDate>   
                <author>Eleanor Lavan</author>
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                <title><![CDATA[THE 70% TAX SOLUTION]]></title>
                <description><![CDATA[Via a circuitous Internet chain - Paul Krugman of Princeton University quoting Mark Thoma of the University of Oregon reading the Journal of Economic Perspectives - I got a copy of an article written by Emmanuel Saez, whose office is 50 feet from mine, on the same corridor, and the Nobel laureate economist Peter Diamond. 

Saez and Diamond argue that the right marginal tax rate for North...]]></description>
				<link>http://www.gfsnews.com/article/3741/1/</link>
                <guid>http://www.gfsnews.com/article/3741/1/</guid>
                <pubDate>Thursday 1 Dec 2011 09:03:00 +0100</pubDate>   
                <author>J. Bradford DeLong / Project Syndicate</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3741_m3.jpg"/>
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                <title><![CDATA[NO SIGN OF 'JUMBO' DIRECTORSHIPS IN JERSEY]]></title>
                <description><![CDATA[A good board of directors requires a mix of skills, experience and backgrounds. The need for independence is a given and non executive directors (NEDs) can play a vital role in getting this balance right. 

One of the important themes of corporate governance in Jersey is the nature and extent of accountability of an individual acting as a director of a company and the internal controls,...]]></description>
				<link>http://www.gfsnews.com/article/3716/1/</link>
                <guid>http://www.gfsnews.com/article/3716/1/</guid>
                <pubDate>Tuesday 29 Nov 2011 07:52:00 +0100</pubDate>   
                <author>Sarah Rayson</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3716_m3.jpg"/>
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                <title><![CDATA[HONG KONG UNVEILS DISCLOSURE GUIDANCE]]></title>
                <description><![CDATA[Under the new advice, firms based in the Asian jurisdiction are now "encouraged" to make disclosures on at least an annual basis from financial year 2011.

It follows the <a href="http://www.gfsnews.com/article/2273" target="_blank">publication of Pillar 3 disclosure requirements for remuneration</a> by the Basel Committee on Banking Supervision in July.

The Hong Kong Monetary Authority added...]]></description>
				<link>http://www.gfsnews.com/article/3669/1/</link>
                <guid>http://www.gfsnews.com/article/3669/1/</guid>
                <pubDate>Wednesday 23 Nov 2011 11:28:00 +0100</pubDate>   
                <author>will.henley@gfsnews.com</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3669_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3669_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[CAYMAN DIRECTORSHIP AFFAIR MISSES THE PLOT]]></title>
                <description><![CDATA[What is clearly a domestic spat between frustrated Irish director service companies and their infinitely better organised and more sucessful Cayman counterparts, has apparently been <a href="http://www.gfsnews.com/article/3637" target="_blank">elevated to the level of "offshore scandal"</a> by the questionable intervention of Mr Sam Jones of the Financial Times in his piece of 21 November. 

But...]]></description>
				<link>http://www.gfsnews.com/article/3663/1/</link>
                <guid>http://www.gfsnews.com/article/3663/1/</guid>
                <pubDate>Wednesday 23 Nov 2011 08:57:00 +0100</pubDate>   
                <author>Anthony Travers</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3663_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3663_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[HMRC SETS UP CRACK OFFSHORE EVASION UNIT]]></title>
                <description><![CDATA[The UK tax authority is to set up a specialist team designed to crack down on offshore tax evaders.

The offshore coordination unit within the HM Revenue and Customs will look to "fully exploit" an increasing amount of data available to it, according to the announcement on Tuesday.

The authority said the unit, which is staffed with offshore analysts and experienced investigators, will attempt...]]></description>
				<link>http://www.gfsnews.com/article/3657/1/</link>
                <guid>http://www.gfsnews.com/article/3657/1/</guid>
                <pubDate>Tuesday 22 Nov 2011 11:38:00 +0100</pubDate>   
                <author>will.henley@gfsnews.com</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3657_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3657_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[FTT WOULD NOT HAVE PREVENTED CRISIS]]></title>
                <description><![CDATA[A financial transaction tax would not have prevented the last crisis, nor would it have avoided current sovereign debt problems, according to a leading think tank.
 
The Institute of Economic Affairs has released a review of papers that have been written on the FTT, which finds that such a tax would not reduce volatility in markets or increase total tax revenue.
 
The paper also warns that...]]></description>
				<link>http://www.gfsnews.com/article/3643/1/</link>
                <guid>http://www.gfsnews.com/article/3643/1/</guid>
                <pubDate>Monday 21 Nov 2011 14:07:00 +0100</pubDate>   
                <author>Karina Whalley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3643_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3643_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[FIN REGS MUST BE MORE CONSISTENT - SURVEY]]></title>
                <description><![CDATA[Nearly two-thirds of multinational firms want to see financial regulation applied more consistently across borders and regard the regulatory environment as the main barrier to entry in key global markets.
 
Across the financial and insurance sectors 64 per cent of international firms are seeking greater harmonisation of regulation, compared to 62 per cent of companies across all sectors....]]></description>
				<link>http://www.gfsnews.com/article/3642/1/</link>
                <guid>http://www.gfsnews.com/article/3642/1/</guid>
                <pubDate>Monday 21 Nov 2011 11:33:00 +0100</pubDate>   
                <author>Karina Whalley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3642_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3642_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[IN BRIEF: CAYMAN DIRECTORSHIPS UNDER FIRE]]></title>
                <description><![CDATA[A small group of directors in the Cayman Islands are sitting on the boards of hundreds of hedge funds due to a demand for independent board members, according to new research.

A Financial Times investigation shows four directors hold more than 100 non-executive directorships each while one has over 560 directorships. 

Fourteen directors have more than 70 directorships each which can be worth...]]></description>
				<link>http://www.gfsnews.com/article/3637/1/</link>
                <guid>http://www.gfsnews.com/article/3637/1/</guid>
                <pubDate>Monday 21 Nov 2011 10:47:00 +0100</pubDate>   
                <author>nicola.york@gfsnews.com</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3637_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3637_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[NEGATIVE OUTLOOK FOR IRISH BANKS REMAINS]]></title>
                <description><![CDATA[The outlook for Ireland's banking system remains negative as banks continue to show weak funding and liquidity profiles, according to Moody's.

The credit rating agency has had the negative outlook in place since 2008 and says that the country's banks continue to display weak profitability and are operating in a "very challenging" environment. 

Irish banks are continuing to rely on short-term...]]></description>
				<link>http://www.gfsnews.com/article/3634/1/</link>
                <guid>http://www.gfsnews.com/article/3634/1/</guid>
                <pubDate>Monday 21 Nov 2011 09:05:00 +0100</pubDate>   
                <author>nicola.york@gfsnews.com</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3634_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3634_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[THE ANATOMY OF GLOBAL ECONOMIC UNCERTAINTY]]></title>
                <description><![CDATA[The sense of uncertainty prevailing in the West is palpable, and rightly so. 

People are worried about their futures, with a record number now fearing that their children may end up worse off than them. 

Unfortunately, things will become even more unsettling in the months ahead.

The United States is having difficulties returning its economy to the path of high growth and vigorous job...]]></description>
				<link>http://www.gfsnews.com/article/3633/1/</link>
                <guid>http://www.gfsnews.com/article/3633/1/</guid>
                <pubDate>Monday 21 Nov 2011 08:46:00 +0100</pubDate>   
                <author>Mohamed A. El-Erian / Project Syndicate</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3633_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3633_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[UBS CITES REGULATION AMID JOBS CULL]]></title>
                <description><![CDATA[Swiss bank UBS is to slash its headcount by a further 425 posts citing a need to adapt to regulatory changes such as Basel III.

The bank is to lose 2,000 positions over the next five years, bringing total investment bank 18,000 employees down to 16,000 as it seeks to increase its capital position and boost profitability.

The announcement follows a turbulent few months for the firm following...]]></description>
				<link>http://www.gfsnews.com/article/3621/1/</link>
                <guid>http://www.gfsnews.com/article/3621/1/</guid>
                <pubDate>Friday 18 Nov 2011 09:56:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3621_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3621_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[OCC: FOCUS ON LESS COORDINATED REGS]]></title>
                <description><![CDATA[A US banking regulator head has warned global policymakers to focus their attention on areas of financial regulation that are less coordinated, particularly where the Basel Committee is absent.
 
Speaking in Tokyo on Wednesday, Comptroller of the Currency John Walsh also said that he does not expect banks or trading activity to relocate to other financial centres as a result of global...]]></description>
				<link>http://www.gfsnews.com/article/3614/1/</link>
                <guid>http://www.gfsnews.com/article/3614/1/</guid>
                <pubDate>Thursday 17 Nov 2011 11:17:00 +0100</pubDate>   
                <author>Karina Whalley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3614_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3614_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[UK & GIBRALTAR LOSE ECJ TAX RULING]]></title>
                <description><![CDATA[Gibraltar's proposed corporate tax changes have been rejected after the European Commission and Spain won an appeal which found that the tax constituted illegal state aid.

The European Court of Justice ruled on Tuesday that offshore companies would be favoured by the proposed tax regime and overturned a decision by a lower court that said Gibraltar could not be considered as part of the UK for...]]></description>
				<link>http://www.gfsnews.com/article/3592/1/</link>
                <guid>http://www.gfsnews.com/article/3592/1/</guid>
                <pubDate>Tuesday 15 Nov 2011 14:50:00 +0100</pubDate>   
                <author>Karina Whalley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3592_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3592_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[BIS: BASEL III WILL NOT HARM BANKS]]></title>
                <description><![CDATA[Banks and financial innovation will not suffer as a result of Basel III, according to the general manager of the Bank for International Settlements.
 
Jaime Caruana says there are important benefits for regulated banks citing evidence that those banks that held higher capital prior to the 2007 and 2008 financial crisis fared better during the crisis.
 
The BIS head said in a speech on...]]></description>
				<link>http://www.gfsnews.com/article/3579/1/</link>
                <guid>http://www.gfsnews.com/article/3579/1/</guid>
                <pubDate>Monday 14 Nov 2011 14:02:00 +0100</pubDate>   
                <author>Karina Whalley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3579_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3579_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[OFFSHORE CENTRES LOSE AAA STATUS]]></title>
                <description><![CDATA[Two leading offshore centres have lost their coveted AAA status after Standard & Poor's downgraded their long-term sovereign credit ratings due to perceived risks from regulatory changes.

Both Guernsey and the Isle of Man were downgraded late on Thursday to AA+ due to "potential changes in the attractiveness" to investors in light of EU regulatory and tax regime changes. 

But the offshore...]]></description>
				<link>http://www.gfsnews.com/article/3561/1/</link>
                <guid>http://www.gfsnews.com/article/3561/1/</guid>
                <pubDate>Friday 11 Nov 2011 10:30:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3561_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3561_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[ORENSTEIN: WHO NEEDS A FLAT TAX RATE?]]></title>
                <description><![CDATA[With America's Republican presidential candidates lining up to declare their fealty to a flat tax - a system of personal-income taxation that assesses a single rate for all - opponents have focused on why it is a bad idea to raise taxes on the poor in order to reduce them for the wealthy.

But, if a flat tax is such a bad idea, why have so many countries embraced it?

A careful study of these...]]></description>
				<link>http://www.gfsnews.com/article/3558/1/</link>
                <guid>http://www.gfsnews.com/article/3558/1/</guid>
                <pubDate>Friday 11 Nov 2011 09:05:00 +0100</pubDate>   
                <author>Mitchell A. Orenstein / Project Syndicate</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3558_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3558_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[US SIXTY-NINTH IN EASE OF PAYING TAX LIST]]></title>
                <description><![CDATA[Hong Kong, Singapore and Ireland are among the least burdensome international financial centres for paying taxes according to a new survey by PWC, the World Bank and International Finance Corporation.

<a href="http://www.gfsnews.com/article/1425" target="_blank">Despite a reform drive announced by chancellor George Osborne</a>, the UK has slipped two places to eighteenth position in this year's...]]></description>
				<link>http://www.gfsnews.com/article/3557/1/</link>
                <guid>http://www.gfsnews.com/article/3557/1/</guid>
                <pubDate>Friday 11 Nov 2011 09:00:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3557_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3557_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[ANALYSIS: THE BATTLE TO DEFINE G-SIFIS]]></title>
                <description><![CDATA[The European Banking Federation is warning that many of the banks that triggered the financial crisis in 2007 and 2008 would not have been included in the current list of systemically important financial institutions.

The industry body is particularly concerned about the use of lists in capturing systemic risk in the financial system.

The EBF told Global Financial Strategy: "The EBF has long...]]></description>
				<link>http://www.gfsnews.com/article/3547/1/</link>
                <guid>http://www.gfsnews.com/article/3547/1/</guid>
                <pubDate>Thursday 10 Nov 2011 11:23:00 +0100</pubDate>   
                <author>Karina Whalley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3547_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3547_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[CARNEY: SHADOW BANKING IS FSB PRIORITY]]></title>
                <description><![CDATA[Fresh from being appointed head of the Financial Stability Board, Mark Carney says tackling the regulation of shadow banking will be top of his list of priorities.
 
Speaking in London, the FSB chairman has warned that new regulation can merely divert activity to unregulated parts of the financial system, particularly in boom periods.
 
"It will do no good to tightly regulate a market only...]]></description>
				<link>http://www.gfsnews.com/article/3535/1/</link>
                <guid>http://www.gfsnews.com/article/3535/1/</guid>
                <pubDate>Wednesday 9 Nov 2011 10:23:00 +0100</pubDate>   
                <author>Karina Whalley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3535_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3535_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[KEEP FIGHTING TAX HAVENS, URGES OECD]]></title>
                <description><![CDATA[World leaders have been urged to continue the fight against offshore tax havens by the Organisation for Economic Cooperation and Development.

Speaking at the G20 summit, OECD secretary general, Angel Gurría, said the battle against offshore financial centres is paying off by contributing to increased fiscal revenues but says the fight is not over yet.

"President Sarkozy's leadership in this...]]></description>
				<link>http://www.gfsnews.com/article/3514/1/</link>
                <guid>http://www.gfsnews.com/article/3514/1/</guid>
                <pubDate>Monday 7 Nov 2011 15:56:00 +0100</pubDate>   
                <author>Karina Whalley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3514_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3514_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[CARNEY: THE FSB'S OUTSPOKEN NEW CHAIR]]></title>
                <description><![CDATA[Mark Carney has taken the helm of the Financial Stability Board becoming chairman on 4 November. The Bank of Canada governor was named as successor to Mario Draghi for a minimum three-year appointment.

A staunch supporter of the Basel III regulations, Carney has thrown his support behind the controversial countercyclical buffers. Having successfully pushed for a 'Canadian approach' to be...]]></description>
				<link>http://www.gfsnews.com/article/3506/1/</link>
                <guid>http://www.gfsnews.com/article/3506/1/</guid>
                <pubDate>Monday 7 Nov 2011 08:59:00 +0100</pubDate>   
                <author>Karina Whalley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3506_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3506_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[CARNEY BEATS HILDEBRAND TO HEAD FSB]]></title>
                <description><![CDATA[Bank of Canada governor Mark Carney has been named successor to Mario Draghi as chairman of the Financial Stability Board.

Forty-six year-old Carney pipped rival Philipp Hildebrand, chairman of the governing board of the Swiss National Bank, to the top job, who has instead been named as vice chairman - a specially created position.

G20 leaders at the Cannes summit welcomed the two...]]></description>
				<link>http://www.gfsnews.com/article/3500/1/</link>
                <guid>http://www.gfsnews.com/article/3500/1/</guid>
                <pubDate>Friday 4 Nov 2011 15:50:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3500_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3500_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[OECD REVIEW IDENTIFIES HONG KONG HOLES]]></title>
                <description><![CDATA[An OECD review has identified holes in Hong Kong's company rules which mean it is difficult to establish ownership information, and in turn respond to requests from foreign tax authorities.

The peer review, published this week, identifies a number of shortcomings in the jurisdiction's efforts to adhere to international transparency standards.

Hong Kong companies are obliged to register and...]]></description>
				<link>http://www.gfsnews.com/article/3413/1/</link>
                <guid>http://www.gfsnews.com/article/3413/1/</guid>
                <pubDate>Friday 28 Oct 2011 11:19:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3413_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3413_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[JERSEY 'RESPONSIVE' SAYS OECD REVIEW]]></title>
                <description><![CDATA[Jersey's financial industry has welcomed a report from the OECD on the jurisdiction's compliance with international legal and tax conventions, published this week.

The peer review notes the British crown dependency has been "responsive" to a global push for higher standards, however it also lays bare the shrinking size of Jersey's domiciled funds.

According to the report, which was held back...]]></description>
				<link>http://www.gfsnews.com/article/3402/1/</link>
                <guid>http://www.gfsnews.com/article/3402/1/</guid>
                <pubDate>Thursday 27 Oct 2011 16:45:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3402_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3402_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[EC: INSURER REFORMS FOR THIRD COUNTRIES]]></title>
                <description><![CDATA[Japan, Switzerland and Bermuda must reform elements of their insurance regimes in order to meet the EU's Solvency II criteria for third country equivalence. 

The European Insurance and Occupational Pensions Authority published its latest equivalence reports on Wednesday which states whether regimes in the countries meet equivalence criteria to ensure they provide appropriate policyholder...]]></description>
				<link>http://www.gfsnews.com/article/3387/1/</link>
                <guid>http://www.gfsnews.com/article/3387/1/</guid>
                <pubDate>Wednesday 26 Oct 2011 18:00:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3387_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3387_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[EU LEADERS URGE FOR G20 REGULATION DRIVE]]></title>
                <description><![CDATA[Radical changes to countries' financial regulations must be agreed at the Cannes G20 meeting at the end of next week, leaders in crisis-hit Europe have argued.

The summit must make "real progress" in strengthening the supervision of the financial sector, according to a statement issued following a European Council meeting this weekend. 

The declaration comes as eurozone countries are...]]></description>
				<link>http://www.gfsnews.com/article/3355/1/</link>
                <guid>http://www.gfsnews.com/article/3355/1/</guid>
                <pubDate>Monday 24 Oct 2011 08:59:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3355_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3355_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[OECD: G20 WILL GET 'TRUE STORY' ON IFCS]]></title>
                <description><![CDATA[The head of the OECD's global tax forum is largely satisfied with the efforts of international financial centres to adhere to new standards as they bid to shake off their 'tax haven' byname. 

Pascal Saint-Amans declared on Thursday that "the world has changed" with commitments to transparency now followed through by "almost all" offshore and onshore jurisdictions. 

The OECD's global forum on...]]></description>
				<link>http://www.gfsnews.com/article/3341/1/</link>
                <guid>http://www.gfsnews.com/article/3341/1/</guid>
                <pubDate>Friday 21 Oct 2011 10:17:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3341_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3341_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[AIFMD DRAFT 'WILL CREATE BARRIERS TO ENTRY']]></title>
                <description><![CDATA[UK private equity firms have attacked EU regulation of alternative investments, saying it could have a damaging effect on the industry.

The British Private Equity and Venture Capital Association on Thursday said the Alternative Investment Fund Managers Directive, which is now being finalised, will drive up investor costs and create barriers to entry.
 
"The AIFMD is broadly focused on...]]></description>
				<link>http://www.gfsnews.com/article/3337/1/</link>
                <guid>http://www.gfsnews.com/article/3337/1/</guid>
                <pubDate>Thursday 20 Oct 2011 17:47:00 +0100</pubDate>   
                <author>Karina Whalley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3337_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3337_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[UK TAX AUTHORITY TARGETS HSBC GENEVA]]></title>
                <description><![CDATA[The UK tax authority has announced plans to crack down on tax evaders with Swiss HSBC bank accounts, saying they face penalty charges of up to 200 per cent of the tax they owe.
 
The action follows information gleaned under a tax treaty that over 6,000 individuals, companies, trusts and other bodies hold accounts and investments with HSBC Geneva. 

HM Revenue & Customs are using the...]]></description>
				<link>http://www.gfsnews.com/article/3267/1/</link>
                <guid>http://www.gfsnews.com/article/3267/1/</guid>
                <pubDate>Thursday 13 Oct 2011 16:05:00 +0100</pubDate>   
                <author>Karina Whalley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3267_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3267_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[FSB: OTC DERIVATIVE REFORMS LAGGING]]></title>
                <description><![CDATA[The Financial Stability Board has said it is unacceptable for countries to simply wait and see how over the counter derivatives rules turn out in the US and EU before starting to reform their own regimes. 

In a second six monthly progress report released on Tuesday night, the Basel based body of regulators also admits that a G20 imposed deadline of 2012 for new standards looks increasingly in...]]></description>
				<link>http://www.gfsnews.com/article/3242/1/</link>
                <guid>http://www.gfsnews.com/article/3242/1/</guid>
                <pubDate>Wednesday 12 Oct 2011 11:41:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3242_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3242_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[FSB URGES MORE ACTION ON PAY PRACTICES]]></title>
                <description><![CDATA[National supervisors are still some way off ensuring responsible pay policies at financial institutions, according to the Financial Stability Board.

Obstacles to improved pay schemes, disclosure and corporate governance still need to be tackled, it said in a progress report released on Tuesday evening.

Mario Draghi, outgoing chairman of the FSB, said yesterday that although the study showed...]]></description>
				<link>http://www.gfsnews.com/article/3238/1/</link>
                <guid>http://www.gfsnews.com/article/3238/1/</guid>
                <pubDate>Wednesday 12 Oct 2011 11:08:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3238_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3238_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SWISS CISA REFORMS 'DON'T GO FAR ENOUGH']]></title>
                <description><![CDATA[Proposed amendments to Switzerland's collective investment scheme regime "do not go far enough", according to the Swiss financial regulator. 
 
The Financial Market Supervisory Authority said on Friday that revisions to the Collective Investment Schemes Act by the Swiss Federal Council fail to address some key concerns.

It wants the government to go further to address possible conflicts of...]]></description>
				<link>http://www.gfsnews.com/article/3201/1/</link>
                <guid>http://www.gfsnews.com/article/3201/1/</guid>
                <pubDate>Friday 7 Oct 2011 17:59:00 +0100</pubDate>   
                <author>Karina Whalley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3201_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3201_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SWISS BANKS SET TO HAND OVER INFO TO US]]></title>
                <description><![CDATA[Switzerland is set to hand over information to US authorities on tax evaders after a secret meeting between banks and the government, a Swiss newspaper reported on Friday.

The State Secretariat for International Financial Matters and 11 of the country's largest banks allegedly met in private last week to discuss the transfer of data on US clients holding funds in the notorious tax-haven.

The...]]></description>
				<link>http://www.gfsnews.com/article/3199/1/</link>
                <guid>http://www.gfsnews.com/article/3199/1/</guid>
                <pubDate>Friday 7 Oct 2011 14:57:00 +0100</pubDate>   
                <author>Karina Whalley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3199_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3199_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SWISS-UK TAX DEAL SIGNED AND SEALED]]></title>
                <description><![CDATA[A much-awaited tax agreement between the UK and Switzerland was finally formally signed on Friday.

The deal ensures that any UK taxpayers' holdings in Switzerland will face a one-off payment of between 19 and 34 per cent to settle past tax liabilities.

Any future investment income and capital gains on the funds will be subject to a final withholding tax, which Switzerland will transfer to UK...]]></description>
				<link>http://www.gfsnews.com/article/3197/1/</link>
                <guid>http://www.gfsnews.com/article/3197/1/</guid>
                <pubDate>Friday 7 Oct 2011 11:27:00 +0100</pubDate>   
                <author>Karina Whalley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3197_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3197_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[G-SIFI INSURERS MAY NOT FACE SURCHARGE]]></title>
                <description><![CDATA[Too big to fail insurers could be subject to different rules than banks potentially meaning they could side step a capital surcharge according to the International Association of Insurance Supervisors. 

Speaking at the annual IAIS conference in Seoul on Friday, Peter Braumüller, chairman of the IAIS executive committee said the organisation has still not decided whether G-Sifi insurers should...]]></description>
				<link>http://www.gfsnews.com/article/3121/1/</link>
                <guid>http://www.gfsnews.com/article/3121/1/</guid>
                <pubDate>Friday 30 Sep 2011 09:40:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3121_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3121_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[ESRB: ETFS MAY NO LONGER BE UCITS]]></title>
                <description><![CDATA[The European Systemic Risk Board has suggested that exchange traded funds may need to be barred under the EU's Ucits funds label. 

In a response to a consultation on the future of ETFs under Europe's collective investment scheme regime, the body chaired by European Central Bank president Jean Claude Trichet insists Ucits "should remain simple".

The response, dated 21 September, is one of a...]]></description>
				<link>http://www.gfsnews.com/article/3073/1/</link>
                <guid>http://www.gfsnews.com/article/3073/1/</guid>
                <pubDate>Friday 23 Sep 2011 11:11:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3073_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3073_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[THE CHANNEL ISLANDS AND THE CITY OF LONDON]]></title>
                <description><![CDATA[As a former Lord Mayor of the City of London, I am acutely aware of the close and long-standing links between the Channel Islands and the City. 

I was pleased to visit both Jersey and Guernsey in 2007 in an official capacity and to learn more about the contribution made by the Channel Islands to the City of London, and vice-versa as well as about the numerous and significant areas of mutual...]]></description>
				<link>http://www.gfsnews.com/article/3029/1/</link>
                <guid>http://www.gfsnews.com/article/3029/1/</guid>
                <pubDate>Tuesday 20 Sep 2011 09:39:00 +0100</pubDate>   
                <author>Sir John Stuttard</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3029_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3029_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[EL-ERIAN: COUNTERING THE CONTAGIOUS WEST]]></title>
                <description><![CDATA[Imagine for a moment that you are the chief policymaker in a successful emerging-market country.

You are watching with legitimate concern (and a mixture of astonishment and anger) as Europe's crippling debt crisis spreads and America's dysfunctional politics leave it unable to revive its moribund economy.

Would you draw comfort from your country's impressive internal resilience and offset...]]></description>
				<link>http://www.gfsnews.com/article/3026/1/</link>
                <guid>http://www.gfsnews.com/article/3026/1/</guid>
                <pubDate>Tuesday 20 Sep 2011 08:29:00 +0100</pubDate>   
                <author>Mohamed A. El-Erian / Project Syndicate</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3026_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3026_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[OVERSEAS BANKS MAY FACE VOLCKER RULE]]></title>
                <description><![CDATA[Overseas banks with operations in the US may have to comply with  the Volcker Rule, according to sources close to the matter. 

Next month, regulators are due to issue proposals forcing US banks to hive off their proprietary trading arms in a bid to reduce the chances of future financial crises occurring. 

Under the proposals, trading managed in the US - even by banks based elsewhere - may be...]]></description>
				<link>http://www.gfsnews.com/article/3020/1/</link>
                <guid>http://www.gfsnews.com/article/3020/1/</guid>
                <pubDate>Monday 19 Sep 2011 10:14:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3020_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3020_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[BELGIAN PREMIER TAKES UP OECD ROLE]]></title>
                <description><![CDATA[The Organisation for Economic Co-operation and Development has appointed Belgian Prime Minister Yves Leterme as its new deputy secretary general.

The OECD Council approved the appointment on Friday and Leterme will take up his post before the end of the year. 

The 50-year-old will oversee the global organisation's social and governance portfolio which includes employment, small and...]]></description>
				<link>http://www.gfsnews.com/article/3012/1/</link>
                <guid>http://www.gfsnews.com/article/3012/1/</guid>
                <pubDate>Friday 16 Sep 2011 10:39:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3012_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3012_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[LAGARDE: WE ARE IN DANGEROUS NEW PHASE]]></title>
                <description><![CDATA[The world is entering a "dangerous new phase" of the economic crisis with political dysfunction having exacerbated the situation, according to International Monetary Fund managing director Christine Lagarde.

In her first major speech in Washington DC as IMF head, Lagarde said that exactly three years after the collapse of Lehman Brothers the "economic skies" look "troubled and turbulent" as...]]></description>
				<link>http://www.gfsnews.com/article/3006/1/</link>
                <guid>http://www.gfsnews.com/article/3006/1/</guid>
                <pubDate>Thursday 15 Sep 2011 16:04:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/3006_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/3006_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[HONG KONG 'FEELS VERY FAMILIAR TO UK COMPANIES']]></title>
                <description><![CDATA[The term punching above its weight was surely coined for Hong Kong, a city of seven million and barely the size of Greater London, which in 2010 attracted almost US$70bn (£ 44bn/€51bn) in overseas investment.

The record inflows of capital puts Hong Kong third - behind only the US and Mainland China - in the United Nations annual World Investment Report.

Hong Kong's strategic position -...]]></description>
				<link>http://www.gfsnews.com/article/2994/1/</link>
                <guid>http://www.gfsnews.com/article/2994/1/</guid>
                <pubDate>Wednesday 14 Sep 2011 01:54:00 +0100</pubDate>   
                <author>Invest Hong Kong Advertorial</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2994_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2994_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[WHY ASIAN FIRMS ARE USING CAYMAN AND BVI]]></title>
                <description><![CDATA[Limited liability companies incorporated in the Cayman Islands and the British Virgin Islands have for some time been a very popular choice for founders and sponsors.

It allows them to own operating businesses through an offshore holding company structure and thereby benefit from their enhanced ability to raise finance from offshore and onshore lenders and investors.

Each of these...]]></description>
				<link>http://www.gfsnews.com/article/2979/1/</link>
                <guid>http://www.gfsnews.com/article/2979/1/</guid>
                <pubDate>Tuesday 13 Sep 2011 13:49:00 +0100</pubDate>   
                <author>Paul Aherne</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2979_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2979_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA['TAX HAVENS' CONTINUING TO FALL SHORT]]></title>
                <description><![CDATA[Liechtenstein and Luxembourg, favoured destinations for foreign investors seeking minimal tax and banking privacy, are among a host of countries still lagging behind international standards, according to the OECD.

The latest batch of peer reviews released on Monday by the OECD's Global Forum on tax transparency shows 12 jurisdictions, <a href="http://www.gfsnews.com/article/2963"...]]></description>
				<link>http://www.gfsnews.com/article/2977/1/</link>
                <guid>http://www.gfsnews.com/article/2977/1/</guid>
                <pubDate>Tuesday 13 Sep 2011 11:21:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2977_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2977_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[BEWARE THE GLOBAL SHIFT IN TAX POLICIES]]></title>
                <description><![CDATA[The UK deal with Switzerland, announced last month, is the latest in a long list of initiatives as countries seek to maximise their tax revenues in the face of continuing global and domestic economic pressures.

However, despite the attention it has attracted, it is far from the most progressive scheme to have been announced in the global withholding and reporting arena.

There has been a...]]></description>
				<link>http://www.gfsnews.com/article/2954/1/</link>
                <guid>http://www.gfsnews.com/article/2954/1/</guid>
                <pubDate>Monday 12 Sep 2011 00:36:00 +0100</pubDate>   
                <author>James Guthrie</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2954_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2954_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[DEVELOPMENT OF RMB PRODUCTS IN HK]]></title>
                <description><![CDATA[<i><a href="http://www.gfsnews.com/generate_pdf.php?generate=2922" target="_blank">Click here to view a pdf version of this article.</a></i>

Last month, Vice Premier Li Keqiang led a delegation of senior  Mainland officials to Hong Kong.  During the visit, Vice Premier Li unveiled a series of policy initiatives that uses Hong Kong as the platform to further the Mainland's currency ...]]></description>
				<link>http://www.gfsnews.com/article/2922/1/</link>
                <guid>http://www.gfsnews.com/article/2922/1/</guid>
                <pubDate>Wednesday 7 Sep 2011 14:25:00 +0100</pubDate>   
                <author>Alexa Lam</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2922_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2922_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA['TOXIC COCKTAILS' MAY ALTER CHINA POLICY]]></title>
                <description><![CDATA[China may stop investing in US treasury bonds and foreign currency reserves if countries continue serving up "toxic financial cocktails" to weaken their domestic currencies, according to a senior Hong Kong regulator.

Alexa Lam, deputy chief executive of the Securities and Futures Commission, predicted that China, the largest single holder of US treasuries, may be forced to shy away from its...]]></description>
				<link>http://www.gfsnews.com/article/2921/1/</link>
                <guid>http://www.gfsnews.com/article/2921/1/</guid>
                <pubDate>Wednesday 7 Sep 2011 13:14:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2921_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2921_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[US DROPS IN WEF COMPETITIVENESS POLL]]></title>
                <description><![CDATA[Sweden and Finland have overtaken America to become the world's third and fourth most competitive economies, according to a survey by the World Economic Forum.

The US dropped down to fifth spot in the Davos based foundation's annual 'Global Competitiveness Report', published on Wednesday, cementing a three-year decline for the world's biggest superpower.

Top of the ranking was Switzerland...]]></description>
				<link>http://www.gfsnews.com/article/2912/1/</link>
                <guid>http://www.gfsnews.com/article/2912/1/</guid>
                <pubDate>Wednesday 7 Sep 2011 08:48:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2912_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2912_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[STANDARDS ARE KEY TO HONG KONG'S FUTURE]]></title>
                <description><![CDATA[Jimmy Jim, president of the Hong Kong Society of Financial Analysts, and Cheri Wong, its chief executive, are not afraid to dish out advice to the city's regulators.  And neither fail to remind you of their organisation's emphasis on the need for improved ethics and standards - domestic and international.
 
As the largest chapter of the Chartered Financial Analyst Institute in Asia Pacific with...]]></description>
				<link>http://www.gfsnews.com/article/2911/1/</link>
                <guid>http://www.gfsnews.com/article/2911/1/</guid>
                <pubDate>Wednesday 7 Sep 2011 00:01:00 +0100</pubDate>   
                <author>Will Henley in Hong Kong</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2911_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2911_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[HK SHOULD REFINE ITS INVESTOR REGIME]]></title>
                <description><![CDATA[Following months of consultation, the HK Securities and Futures Commission proceeded with proposals to adopt a principles-based approach so that firms may use methods to satisfy themselves that an investor meets the relevant assets or portfolio threshold to qualify as a professional investor. 

The Hong Kong Society of Financial Analysts welcomes such a move as the change in regulatory framework...]]></description>
				<link>http://www.gfsnews.com/article/2900/1/</link>
                <guid>http://www.gfsnews.com/article/2900/1/</guid>
                <pubDate>Tuesday 6 Sep 2011 08:03:00 +0100</pubDate>   
                <author>Cheri Wong</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2900_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2900_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[HONG KONG IDEAL 'LABORATORY' FOR RNB]]></title>
                <description><![CDATA[A senior Hong Kong government official has said she expects the Chinese special administrative region to bolster its status as a "laboratory" for the internationalisation of the renminbi.

Julia Leung, Hong Kong's under-secretary for financial services and the treasury, writing in Global Financial Strategy on Monday, hails the growth of the so-called "dim sum" offshore RMB market.

"The single...]]></description>
				<link>http://www.gfsnews.com/article/2891/1/</link>
                <guid>http://www.gfsnews.com/article/2891/1/</guid>
                <pubDate>Monday 5 Sep 2011 11:25:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2891_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2891_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[US DEMANDS CLIENT INFO FROM SWITZERLAND]]></title>
                <description><![CDATA[US authorities are ramping up the pressure on Switzerland over alleged tax evasion by American citizens, pushing the country's banks to hand over key account information.

According to the Sonntagszeitung newspaper, US deputy attorney general James Cole has written to the Swiss government demanding information from ten banks including Credit Suisse.

Washington is understood to be seeking...]]></description>
				<link>http://www.gfsnews.com/article/2886/1/</link>
                <guid>http://www.gfsnews.com/article/2886/1/</guid>
                <pubDate>Monday 5 Sep 2011 09:27:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2886_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2886_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[HONG KONG AS CHINA'S GLOBAL FINANCIAL CENTRE]]></title>
                <description><![CDATA[Hong Kong has long been considered one of the premier financial centres in the Asian time zone.

We are strategically positioned as China's global financial centre, and that positioning has received a further boost by the August visit of Vice-Premier of the State Council, Mr Li Keqiang. 

During his visit, Vice-Premier Li announced 36 measures to support Hong Kong's social and economic...]]></description>
				<link>http://www.gfsnews.com/article/2884/1/</link>
                <guid>http://www.gfsnews.com/article/2884/1/</guid>
                <pubDate>Monday 5 Sep 2011 08:16:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2884_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2884_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[JP MORGAN FEARS SHADOW BANK ARBITRAGE]]></title>
                <description><![CDATA[JP Morgan says it is concerned that traditional banks risk losing business as heightened regulation drives capital into the hands of the less well-regulated shadow banking sector.

In its response to a Financial Stability Board consultation, the US investment giant urges regulators to clamp down on as yet loosely defined "shadow" firms.

Its letter was among 14 submissions disclosed by the FSB...]]></description>
				<link>http://www.gfsnews.com/article/2877/1/</link>
                <guid>http://www.gfsnews.com/article/2877/1/</guid>
                <pubDate>Friday 2 Sep 2011 10:58:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2877_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2877_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[G20 TARGET FOR TRANSACTION TAX AND G-SIFIS]]></title>
                <description><![CDATA[The European Commission, with key allies France and Germany, will push to get a global agreement on a transaction tax at the G20 summit in Cannes, according to José Manuel Barroso.
	
In a video address on Wednesday, the commission president said he would take the proposal to Australia and Singapore, where he is visiting next week, to try to win support for the measure.

The Portuguese's...]]></description>
				<link>http://www.gfsnews.com/article/2859/1/</link>
                <guid>http://www.gfsnews.com/article/2859/1/</guid>
                <pubDate>Thursday 1 Sep 2011 09:22:00 +0100</pubDate>   
                <author>Will Henley & Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2859_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2859_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[A WORLD WITHOUT GROWTH IS A POSSIBILITY]]></title>
                <description><![CDATA[A recent bestselling book 'The World Without Us' was based around a thought experiment - what would a world bereft of humans revert to? Society and markets increasingly need to focus on what a world without growth, or at least low and uneven rates of growth will look like.

Debates about the letter of the recovery - V, U, W, L (note the slight turn up at the end) - assume the inevitable return...]]></description>
				<link>http://www.gfsnews.com/article/2842/1/</link>
                <guid>http://www.gfsnews.com/article/2842/1/</guid>
                <pubDate>Wednesday 31 Aug 2011 08:20:00 +0100</pubDate>   
                <author>Satyajit Das</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2842_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2842_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[OECD URGES ACTION ON TAX DODGING FIRMS]]></title>
                <description><![CDATA[Governments need to overhaul their corporate tax regimes to ensure that lost income from companies using "aggressive tax policies" are reduced, a report from the OECD has warned.

Published on Tuesday, the Organisation for Economic Co-operation and Development study argues that losses in some multinationals have been made artificially high in an unfair method to reduce tax payments. 

Losses...]]></description>
				<link>http://www.gfsnews.com/article/2839/1/</link>
                <guid>http://www.gfsnews.com/article/2839/1/</guid>
                <pubDate>Tuesday 30 Aug 2011 16:15:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2839_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2839_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[TRANSACTION TAX BACKED BY ACCOUNTANTS]]></title>
                <description><![CDATA[A global trade body for professional accountants has said it supports a Franco-German idea for a financial transaction tax - but would prefer it to be a worldwide levy.

The Association of Chartered Certified Accountants, based in London, said on Friday that a tax on financial instruments implemented only in Europe or the eurozone risks damaging the region.

However Chas Roy-Chowdhury, head of...]]></description>
				<link>http://www.gfsnews.com/article/2823/1/</link>
                <guid>http://www.gfsnews.com/article/2823/1/</guid>
                <pubDate>Friday 26 Aug 2011 11:24:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2823_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2823_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[BANK CLIENTS WILL SIMPLY LEAVE SWITZERLAND]]></title>
                <description><![CDATA[The UK's historic new agreement with the Swiss Authorities could lead to an exodus of money from Switzerland looking for shores to hide away their ill-gotten gains. 

The agreement released by HMRC is essentially aimed at three types of account holders in Switzerland: Individuals who have inherited monies from their relatives; Non-domiciled individuals who are using their domicile status to...]]></description>
				<link>http://www.gfsnews.com/article/2822/1/</link>
                <guid>http://www.gfsnews.com/article/2822/1/</guid>
                <pubDate>Friday 26 Aug 2011 10:59:00 +0100</pubDate>   
                <author>John Brassey</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2822_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2822_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[TAX DEALS MAKE SENSE FOR FINANCE MINISTRIES]]></title>
                <description><![CDATA[The tax deals between Switzerland and the UK and German governments are very innovative. This is a wake up call to tax dodgers, and will flush some of them out of the system.

Governments are calling it a 'victory'; while critics are saying it is unfair to honest taxpayers. It is actually a bit of both: in the UK, those hiding funds from the taxman overseas still won't be paying the full whack,...]]></description>
				<link>http://www.gfsnews.com/article/2819/1/</link>
                <guid>http://www.gfsnews.com/article/2819/1/</guid>
                <pubDate>Friday 26 Aug 2011 09:17:00 +0100</pubDate>   
                <author>Chas Roy-Chowdhury</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2819_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2819_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[UK TAX TREATY IS A FILLIP FOR SWITZERLAND]]></title>
                <description><![CDATA[The Swiss-UK tax agreement is a well negotiated compromise in the SBA's view. For every implicated party, the agreement has some considerable advantages.

Clients have a means for tax compliance while maintaining their privacy at the same time, the British government obtains tax revenues quickly and unbureaucratically, and Swiss banks will have the opportunity to implement their growth strategy....]]></description>
				<link>http://www.gfsnews.com/article/2817/1/</link>
                <guid>http://www.gfsnews.com/article/2817/1/</guid>
                <pubDate>Thursday 25 Aug 2011 18:12:00 +0100</pubDate>   
                <author>Claude-Alain Margelisch</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2817_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2817_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[UK-SWISS TAX DEAL SCUPPERS EU EFFORTS]]></title>
                <description><![CDATA[The UK-Swiss tax deal does not meet with my approval, as some will have noticed. The deal is <a href="http://www.sif.admin.ch/00488/index.html?lang=en&msg-id=40731" target="_blank">outlined here</a>.

But let's stand back for a moment and consider why the UK have done this deal - uniquely (because it seems unlikely that the supposedly similar German one will get parliamentary approval and so...]]></description>
				<link>http://www.gfsnews.com/article/2811/1/</link>
                <guid>http://www.gfsnews.com/article/2811/1/</guid>
                <pubDate>Thursday 25 Aug 2011 11:18:00 +0100</pubDate>   
                <author>Richard Murphy</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2811_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2811_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[UK-SWISS TAX DEAL COULD LEAD TO 'EXODUS']]></title>
                <description><![CDATA[The British government has defended a landmark deal with Switzerland's government and banks which would see billions in evaded taxes returned to the UK by Swiss account holders.

The deal, <a href="http://www.gfsnews.com/article/2807/1/" target="_blank">first revealed by Global Financial Strategy on Wednesday</a>, will see Swiss banks, their clients and employees immune from criminal prosecution...]]></description>
				<link>http://www.gfsnews.com/article/2809/1/</link>
                <guid>http://www.gfsnews.com/article/2809/1/</guid>
                <pubDate>Thursday 25 Aug 2011 10:44:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2809_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2809_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[UK AND SWISS SEAL LONG-AWAITED TAX DEAL]]></title>
                <description><![CDATA[British and Swiss authorities have clinched a deal settling a longstanding dispute over the non-payment of UK taxes, Global Financial Strategy can reveal.

Under a bilateral treaty concluded on Wednesday, Swiss banks, their clients and employees will be immune from criminal prosecution over alleged tax evasion, while the country's famous banking privacy laws will be retained. 

Following...]]></description>
				<link>http://www.gfsnews.com/article/2807/1/</link>
                <guid>http://www.gfsnews.com/article/2807/1/</guid>
                <pubDate>Wednesday 24 Aug 2011 18:15:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2807_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2807_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[AIFMD WILL NOT STIFLE FUNDS AFTER ALL]]></title>
                <description><![CDATA[When I last wrote about the Jersey Funds sector in April of this year, issues and concerns surrounding the Alternative Investment Fund Managers Directive were finally beginning to settle down, and we found ourselves in a situation where we could move forward. 

Since then, the AIFMD has come into law and Jersey's Private Placement regime continues to facilitate EU business.  For those requiring...]]></description>
				<link>http://www.gfsnews.com/article/2805/1/</link>
                <guid>http://www.gfsnews.com/article/2805/1/</guid>
                <pubDate>Wednesday 24 Aug 2011 15:44:00 +0100</pubDate>   
                <author>Geoff Cook</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2805_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2805_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SCHILDBACH: BANKERS WITHOUT BORDERS]]></title>
                <description><![CDATA[At the height of the financial crisis in 2008-2009, it seemed as if western banks would pull up their foreign stakes and go home, leaving financial markets much more fragmented along national lines.

But, as a new report by Deutsche Bank Research shows, banks' cross-border business - direct or via branches or subsidiaries - has now broadly stabilized.

During the crisis, the level of banking...]]></description>
				<link>http://www.gfsnews.com/article/2801/1/</link>
                <guid>http://www.gfsnews.com/article/2801/1/</guid>
                <pubDate>Wednesday 24 Aug 2011 15:41:00 +0100</pubDate>   
                <author>Jan Schildbach / Project Syndicate</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2801_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2801_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[GRAPHIC ILLUSTRATES SIZE OF GLOBAL FINANCE]]></title>
                <description><![CDATA[The staggering size of the world's financial sector is this week the subject of an investigation by German magazine Der Spiegel.

The publication uses a useful visual graphic of the globe to compare the size of the industry to the value of the world's good and services.

According to statistics it has obtained, though goods and services produced in 2010 amounted to $63tn (€44tn), the volume...]]></description>
				<link>http://www.gfsnews.com/article/2799/1/</link>
                <guid>http://www.gfsnews.com/article/2799/1/</guid>
                <pubDate>Wednesday 24 Aug 2011 13:39:00 +0100</pubDate>   
                <author>Regulation Mutters</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2799_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2799_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[HOW TO DECODE WHAT BANKERS REALLY MEAN]]></title>
                <description><![CDATA[Anyone needing to translate the real meaning of a conversation with a bank executive need to look no further than a humorous blog posting from Chris Skinner, chair of European networking group the Financial Services Club. 

Using his experiences over the years, financial adviser Skinner lays out a series of translations explaining what to expect when hearing responses from the industry.

For...]]></description>
				<link>http://www.gfsnews.com/article/2798/1/</link>
                <guid>http://www.gfsnews.com/article/2798/1/</guid>
                <pubDate>Wednesday 24 Aug 2011 12:32:00 +0100</pubDate>   
                <author>Regulation Mutters</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2798_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2798_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[STANDARDISED DERIVATIVES DATA ON HORIZON]]></title>
                <description><![CDATA[Systems should be brought in internationally to simplify the identification of OTC derivatives trades and identify different types of transactions, according to an elite task force.

The group of regulators, headed up by the Bank for International Settlements' Committee on Payment and Settlement Systems and the technical committee of the International Organization of Securities Commissions,...]]></description>
				<link>http://www.gfsnews.com/article/2792/1/</link>
                <guid>http://www.gfsnews.com/article/2792/1/</guid>
                <pubDate>Wednesday 24 Aug 2011 08:13:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2792_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2792_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[ESMA UNVEILS AIFMD THIRD COUNTRY RULES]]></title>
                <description><![CDATA[Europe's securities regulator has unveiled the supervisory requirements under which third country alternative investment funds would be allowed to operate within the EU in the future. 

The supervisory standards, the final element of a consultation to work out the technical details of the Alternative Investment Fund Managers Directive, were released by the European Securities and Markets...]]></description>
				<link>http://www.gfsnews.com/article/2788/1/</link>
                <guid>http://www.gfsnews.com/article/2788/1/</guid>
                <pubDate>Tuesday 23 Aug 2011 13:49:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2788_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2788_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[IIF WARNS OF OVER-RELIANCE ON SOV DEBT]]></title>
                <description><![CDATA[Global regulators should be wary of encouraging banks and insurers to increase their holdings of sovereign debt given the current crisis, says the Institute of International Finance.   

In a report released on Wednesday, the IIF highlights the dangers of new regulation placing more emphasis on sovereign debt and also says that global authorities lack coordination in their impact assessments of...]]></description>
				<link>http://www.gfsnews.com/article/2745/1/</link>
                <guid>http://www.gfsnews.com/article/2745/1/</guid>
                <pubDate>Wednesday 17 Aug 2011 18:32:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2745_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2745_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[EIOPA WARY ON JAPAN SOLV II EQUIVALENCE]]></title>
                <description><![CDATA[The European insurance authority has put forward a series of consultation papers asking if the supervisory regimes of Switzerland, Japan and Bermuda are comparable with the new Solvency II directive. 

Under Solvency II, the European Commission may determine whether the solvency regime of a country outside the EU is equivalent to that laid down in the directive, thereby allowing EU insurers to...]]></description>
				<link>http://www.gfsnews.com/article/2736/1/</link>
                <guid>http://www.gfsnews.com/article/2736/1/</guid>
                <pubDate>Wednesday 17 Aug 2011 11:35:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2736_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2736_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[HONG KONG WILL STICK WITH US DOLLAR PEG]]></title>
                <description><![CDATA[In the face of rising inflationary pressure in Hong Kong, some people have suggested that the Linked Exchange Rate system is the root cause of the situation and that the Hong Kong dollar should no longer be linked to the US dollar.

The Financial Secretary already stated in his blog on 14 August that the Link continues to be the most appropriate exchange rate arrangement for Hong Kong.  I will...]]></description>
				<link>http://www.gfsnews.com/article/2716/1/</link>
                <guid>http://www.gfsnews.com/article/2716/1/</guid>
                <pubDate>Monday 15 Aug 2011 13:43:00 +0100</pubDate>   
                <author>Norman Chan</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2716_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2716_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[WORLD BANK WARNS OF 'NEW DANGER ZONE']]></title>
                <description><![CDATA[World Bank president Robert Zoellick has claimed the world is "entering a new danger zone" and suggested that recent political deals in the EU have not yet gone far enough to stem the bloc's economic crisis.

Zoellick, speaking in Sydney on Sunday, chastised the governments of the world's largest powers as he claimed that confidence is lacking in their ability to make tough decisions.

"I...]]></description>
				<link>http://www.gfsnews.com/article/2710/1/</link>
                <guid>http://www.gfsnews.com/article/2710/1/</guid>
                <pubDate>Monday 15 Aug 2011 09:55:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2710_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2710_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[HEDGE FUND ETHICS PUSHED IN US AND ASIA]]></title>
                <description><![CDATA[A London-based standards body for the hedge funds industry is launching a campaign to sign up more US and Asian hedge funds to its ethical code of conduct.

The Hedge Fund Standards Board, which was set up at the turn of the 2007 crisis, said the "international drive" was aimed to improve take-up of the guidelines.

Dame Amelia Fawcett, chairman of the board, said it would also be consulting...]]></description>
				<link>http://www.gfsnews.com/article/2641/1/</link>
                <guid>http://www.gfsnews.com/article/2641/1/</guid>
                <pubDate>Friday 5 Aug 2011 10:58:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2641_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2641_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[IMF: TRANSACTION TAX EASIER TO IMPLEMENT]]></title>
                <description><![CDATA[A tax on financial transactions would be "easier" to administer than many other types of existing taxes, the International Monetary Fund has suggested.

A paper by the Washington DC based fund, published on Thursday night, appears to demolish claims by critics of the controversial levy that it would be an administrative nightmare to introduce. 

The paper suggests that exchanges and clearing...]]></description>
				<link>http://www.gfsnews.com/article/2640/1/</link>
                <guid>http://www.gfsnews.com/article/2640/1/</guid>
                <pubDate>Friday 5 Aug 2011 10:26:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2640_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2640_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SINGAPORE EXCHANGE RECORDS $245M PROFIT]]></title>
                <description><![CDATA[The Singapore Exchange recorded a net profit of S$295m (€171m/$245m) in the 12 months to 30 June.

Announcing the results on Tuesday, chief executive Magnus Brocker said they would have been even higher if not for the failed bid to merge with the Australian Stock Exchange.

Profits were also hit by reduced securities turnover and trading.

"We are pleased with our performance despite a...]]></description>
				<link>http://www.gfsnews.com/article/2597/1/</link>
                <guid>http://www.gfsnews.com/article/2597/1/</guid>
                <pubDate>Tuesday 2 Aug 2011 11:26:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2597_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2597_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[HONG KONG SEES ROCKETING RENMINBI GROWTH]]></title>
                <description><![CDATA[The offshore renminbi business in Hong Kong began to grow rapidly last year, and the momentum has continued into the first half of this year with across-the-board expansion in various renminbi businesses.

Hong Kong as the offshore renminbi business centre has started to take shape, playing an important role in promoting the cross-border use and internationalisation of the renminbi.

The Hong...]]></description>
				<link>http://www.gfsnews.com/article/2586/1/</link>
                <guid>http://www.gfsnews.com/article/2586/1/</guid>
                <pubDate>Tuesday 2 Aug 2011 10:44:00 +0100</pubDate>   
                <author>Norman Chan</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2586_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2586_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[HONG KONG REGULATOR PICKS BRITON AGAIN]]></title>
                <description><![CDATA[The Securities and Futures Commission of Hong Kong has confirmed the appointment of Ashley Alder, a British regulation, compliance and mergers and acquisitions lawyer, as its new chief executive.

It emerged that the Asia head at law firm Herbert Smith, who previously served as executive director at the SFC, will be taking over following leaks to news media on Friday.

The appointment,...]]></description>
				<link>http://www.gfsnews.com/article/2564/1/</link>
                <guid>http://www.gfsnews.com/article/2564/1/</guid>
                <pubDate>Monday 1 Aug 2011 00:02:00 +0100</pubDate>   
                <author>Will Henley in Hong Kong</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2564_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2564_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[IFRS 9 DELAYED TWO YEARS TO 2015]]></title>
                <description><![CDATA[Global accounting regulators will propose a two-year delay to the IFRS 9 standard, but are split on whether firms should be allowed to adopt the standards earlier.

The "major decision" from an International Accounting Standards Board meeting last week proposes that the effective date of the IFRS 9 project is extended to 1 January 2015, new IASB vice chairman Ian Mackintosh says. 

He says:...]]></description>
				<link>http://www.gfsnews.com/article/2546/1/</link>
                <guid>http://www.gfsnews.com/article/2546/1/</guid>
                <pubDate>Thursday 28 Jul 2011 10:25:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2546_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2546_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[JERSEY'S REGULATORY STATUS IS ON A PAR WITH THE UK]]></title>
                <description><![CDATA[Jersey has reached a milestone this year in that it was fifty years ago that its modern finance industry was born.

One of the longest established international finance centres, Jersey is able to trace its move into global finance to 1961, a year when UK merchant banks first opened offices in Jersey to meet the demand for expatriate banking and to help facilitate international business.

From...]]></description>
				<link>http://www.gfsnews.com/article/2531/1/</link>
                <guid>http://www.gfsnews.com/article/2531/1/</guid>
                <pubDate>Wednesday 27 Jul 2011 10:35:00 +0100</pubDate>   
                <author>Geoff Cook</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2531_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2531_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[CHANNEL ISLANDS WILL NOT ADOPT SOLVENCY II]]></title>
                <description><![CDATA[Regulators in Jersey have indicated they will not adopt Solvency II or seek an equivalent for insurers operating on the island.

After consulting with the insurance sector, the Jersey Financial Services Commission says it could not "identify any regulatory or other reason for implementing Solvency II in Jersey".

The commission says it will instead focus on standards set by the International...]]></description>
				<link>http://www.gfsnews.com/article/2526/1/</link>
                <guid>http://www.gfsnews.com/article/2526/1/</guid>
                <pubDate>Tuesday 26 Jul 2011 18:34:00 +0100</pubDate>   
                <author>Jacqui Street</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2526_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2526_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[IMF MOOTS NEW EMERGENCY LIQUIDITY PLAN]]></title>
                <description><![CDATA[The International Monetary Fund is considering whether to create a new emergency short-term liquidity facility that could be used to reduce the impact of a "systemic event".

In a public information notice released on Monday, the IMF's executive board revealed that it is considering the move in order to increase its role in systemic crisis events.

The new short-term liquidity facility would...]]></description>
				<link>http://www.gfsnews.com/article/2516/1/</link>
                <guid>http://www.gfsnews.com/article/2516/1/</guid>
                <pubDate>Tuesday 26 Jul 2011 10:34:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2516_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2516_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[WITH NEW REQUIREMENTS, EXPECT NEW DODGES]]></title>
                <description><![CDATA[You might think that new capital requirements, as transposed from the Basel III accord by the European Commission into a new regulation this week, would end dodgy banking practices.

Not so, according to the Tax Justice Network, which highlights the <a href="http://www.investopedia.com/terms/d/deferredtaxasset.asp" target="_blank">deferred tax assets</a> that banks have traditionally used to...]]></description>
				<link>http://www.gfsnews.com/article/2493/1/</link>
                <guid>http://www.gfsnews.com/article/2493/1/</guid>
                <pubDate>Friday 22 Jul 2011 08:49:00 +0100</pubDate>   
                <author>Regulation Mutters</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2493_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2493_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SINGAPORE TO ISSUE OTC DERIVATIVES 'CODE']]></title>
                <description><![CDATA[The Monetary Authority of Singapore has vowed to meet international commitments on the trading of over the counter derivatives contracts.

Releasing the regulator's annual report on Thursday, managing director Ravi Menon swotted away fears expressed by the US that <a href="http://www.gfsnews.com/article/2080" target="_blank">some jurisdictions, such as Singapore, could be "lax"</a> on...]]></description>
				<link>http://www.gfsnews.com/article/2489/1/</link>
                <guid>http://www.gfsnews.com/article/2489/1/</guid>
                <pubDate>Thursday 21 Jul 2011 23:00:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2489_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2489_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[FUNDS IN HONG KONG GROW AT RECORD RATE]]></title>
                <description><![CDATA[Hong Kong's fund management sector ballooned by nearly a fifth last year - its fastest ever yearly increase - according to an official survey published by the city's securities regulator. 

Assets under management reached HK$10.1tn (€913bn/$1.3tn) in 2010, up 18.6 per cent on 2009, showing the offshore destination is in rude health.

The Securities and Futures Commission cited a return of...]]></description>
				<link>http://www.gfsnews.com/article/2477/1/</link>
                <guid>http://www.gfsnews.com/article/2477/1/</guid>
                <pubDate>Thursday 21 Jul 2011 08:51:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2477_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2477_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[HONG KONG CHIEF TRIES TO ALLAY RMB FEARS]]></title>
                <description><![CDATA[Hong Kong's financial regulator has sought to dampen fears that "huge" inflows of Chinese currency into the offshore centre could leave it vulnerable to future shocks.

Norman Chan, chief executive of the Hong Kong Monetary Authority, insisted this week that its burgeoning status as a destination for the yuan would not "one day trigger a huge influx of funds back into the mainland".

Writing...]]></description>
				<link>http://www.gfsnews.com/article/2474/1/</link>
                <guid>http://www.gfsnews.com/article/2474/1/</guid>
                <pubDate>Thursday 21 Jul 2011 06:25:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2474_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2474_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[AN ANALYSIS OF TRANSFER PRICING SIMPLIFICATION]]></title>
                <description><![CDATA[Transfer pricing can be a complex topic for taxpayers and governments, one that involves significant compliance and enforcement costs.

This is true in particular for sophisticated and monetarily significant transactions, such as the migration within a multinational enterprise of valuable intangibles and of the <a href="www.oecd.org/ctp/tp/intangibles" target="_blank">profit potential associated...]]></description>
				<link>http://www.gfsnews.com/article/2432/1/</link>
                <guid>http://www.gfsnews.com/article/2432/1/</guid>
                <pubDate>Monday 18 Jul 2011 16:42:00 +0100</pubDate>   
                <author>Caroline Silberztein</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2432_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2432_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[GUERNSEY DELIGHT AT BLACKLIST REMOVAL]]></title>
                <description><![CDATA[Guernsey has hailed a bill by Democrat senator Carl Levin removing a prohibition against the offshore tax haven.

Levin put forward a bill earlier this week which could force global corporations operating in America to report their financial results on a country-by-country basis in an effort to reveal more about their offshore tax and accounting practices. 

He claims that the bill looks to...]]></description>
				<link>http://www.gfsnews.com/article/2418/1/</link>
                <guid>http://www.gfsnews.com/article/2418/1/</guid>
                <pubDate>Friday 15 Jul 2011 14:46:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2418_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2418_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[DTCC & SWIFT TO RUN GLOBAL FX REPOSITORY]]></title>
                <description><![CDATA[Three leading trade bodies have chosen the Depository Trust & Clearing Corporation and Swift to develop a foreign exchange trade repository in a bid to provide greater transparency for regulators. 

The Association of Financial Markets in Europe, the Securities Industry and Financial Markets Association and Asia Sifma rolled out a request for proposals in April to find a suitable trade...]]></description>
				<link>http://www.gfsnews.com/article/2364/1/</link>
                <guid>http://www.gfsnews.com/article/2364/1/</guid>
                <pubDate>Monday 11 Jul 2011 18:03:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2364_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2364_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SPAT OVER CAYMAN TREASURE ISLANDS AWARD]]></title>
                <description><![CDATA[A charity at the centre of a spat between the Cayman Islands Stock Exchange and a leading offshore critic nearly missed out on $1,000 of funding, Global Financial Strategy can reveal.
 
Anthony Travers, the chairman of the CSX, offered author Nicholas Shaxson a spoof literary award for his book, 'Treasure Islands: Tax Havens and the Men who Stole the World', in May.
 
The award ($1,000 to a...]]></description>
				<link>http://www.gfsnews.com/article/2348/1/</link>
                <guid>http://www.gfsnews.com/article/2348/1/</guid>
                <pubDate>Friday 8 Jul 2011 10:25:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2348_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2348_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[ASIA OFFERS THE CHANNEL ISLANDS HUGE POTENTIAL]]></title>
                <description><![CDATA[Jersey and Guernsey have been steadily building their reputation and gaining market share in financial and fiduciary services in the Asia-Pacific region, competing alongside certain Caribbean jurisdictions.

The opening of an office in Mumbai and Hong Kong by Jersey Finance, the island's government-backed industry association, and in Shanghai by compatriot Guernsey Finance, are significant, but...]]></description>
				<link>http://www.gfsnews.com/article/2341/1/</link>
                <guid>http://www.gfsnews.com/article/2341/1/</guid>
                <pubDate>Friday 8 Jul 2011 02:41:00 +0100</pubDate>   
                <author>Sean Cheong</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2341_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2341_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[PANAMA FREE OF OECD TAX HAVEN GREY LIST]]></title>
                <description><![CDATA[Panama has moved a small step closer to ending its castaway status as an offshore tax haven, after it signed an information exchange deal with France, the OECD has confirmed.

The Paris-based body said on Wednesday that by having signed 12 agreements, the central American nation is now deemed among the OECD's list of jurisdictions that have "substantially implemented" global tax standards. ...]]></description>
				<link>http://www.gfsnews.com/article/2328/1/</link>
                <guid>http://www.gfsnews.com/article/2328/1/</guid>
                <pubDate>Wednesday 6 Jul 2011 23:09:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2328_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2328_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[DERIVATIVE TRADING BOOMING IN SINGAPORE]]></title>
                <description><![CDATA[The Singapore Exchange, Asia's second largest listed exchange, is cementing its place as a major world centre for trading, according to strong growth figures released on Tuesday.

Total securities turnover at the SGX rose 8 per cent in June on the same period last year to S$28.1bn (€18.7bn/$22.9bn), while derivatives volumes rocketed 17 per cent year on year to 6.1 million contracts.

The...]]></description>
				<link>http://www.gfsnews.com/article/2297/1/</link>
                <guid>http://www.gfsnews.com/article/2297/1/</guid>
                <pubDate>Tuesday 5 Jul 2011 06:34:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2297_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2297_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[LAGARDE BEGINS 5-YEAR TERM AS IMF BOSS]]></title>
                <description><![CDATA[Christine Lagarde, until last week the French finance minister, begins her five-year term as managing director of the International Monetary Fund in Washington on Tuesday.

The former lawyer makes her debut amid a continuing crisis in the eurozone over the stricken Greek economy, and troubles not far away in Ireland, Portugal and potentially even Spain and Italy.

Lagarde's triumph this week...]]></description>
				<link>http://www.gfsnews.com/article/2293/1/</link>
                <guid>http://www.gfsnews.com/article/2293/1/</guid>
                <pubDate>Tuesday 5 Jul 2011 00:00:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2293_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2293_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[CAYMAN HITS BACK AT 'GLOATING' SINGAPORE]]></title>
                <description><![CDATA[The chairman of the Cayman Islands Stock Exchange has hit back at claims that the jurisdiction is losing business to Singapore.

CISE's Anthony Travers says the suggestion from a Singapore trade body that Cayman and other offshore centres will lose business because of a global clampdown in regulations is "both clichéd and ill informed".

Speaking to Global Financial Strategy, Travers said:...]]></description>
				<link>http://www.gfsnews.com/article/2267/1/</link>
                <guid>http://www.gfsnews.com/article/2267/1/</guid>
                <pubDate>Friday 1 Jul 2011 11:22:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2267_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2267_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[FSB SCRUTINISES DEPOSIT INSURANCE 'GAPS']]></title>
                <description><![CDATA[The Financial Stability Board has launched a review of worldwide deposit insurance schemes which could see it recommending changes to cross-border bank cooperation.

Judging that the financial crisis "illustrated the importance" of effective depositor guarantee arrangements, the FSB is inviting comments from industry to assess if improvements can be made both at a country-wide level and when...]]></description>
				<link>http://www.gfsnews.com/article/2263/1/</link>
                <guid>http://www.gfsnews.com/article/2263/1/</guid>
                <pubDate>Friday 1 Jul 2011 10:11:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2263_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2263_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[INTERVIEW: SINGAPORE EXCHANGE TAKES A 'RISK ANGLE']]></title>
                <description><![CDATA["It's just an algorithm right?" remarks Richard Teng of the Singapore Exchange, home of the SGX Reach, supposedly the world's fastest trading engine, with a 90 microsecond response time.

The exchange's new head of regulation, whose promotion from head of issuer regulation is effective from today, 1 July, claims he is not unduly concerned by the onset of high frequency trading.

"I take a very...]]></description>
				<link>http://www.gfsnews.com/article/2262/1/</link>
                <guid>http://www.gfsnews.com/article/2262/1/</guid>
                <pubDate>Friday 1 Jul 2011 00:00:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2262_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2262_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[OECD WARNS OF CORRUPTION IN REGULATORS]]></title>
                <description><![CDATA[Financial regulations around the world are at risk from corrupt officials accepting bribes to swing key decisions due to lax rules which allow them to be given gifts, the OECD has warned.

A survey conducted by the Paris-based body shows that only 10 out of its 34 member states bar officials in the "at-risk" financial public sector from receiving items from external organisations.

The...]]></description>
				<link>http://www.gfsnews.com/article/2256/1/</link>
                <guid>http://www.gfsnews.com/article/2256/1/</guid>
                <pubDate>Thursday 30 Jun 2011 11:43:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2256_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2256_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SEC RECOVERS $230M FROM OFFSHORE ACCOUNT]]></title>
                <description><![CDATA[US authorities have recovered $230m (€185m) from an offshore account maintained by a hedge fund manager, as part of a lawsuit against its adviser and principal.

The Securities and Exchange Commission told a court on Tuesday that the funds had been returned to the US and will remain frozen until its "Ponzi scheme" legal action is completed.

It made the disclosure in a filing at the district...]]></description>
				<link>http://www.gfsnews.com/article/2237/1/</link>
                <guid>http://www.gfsnews.com/article/2237/1/</guid>
                <pubDate>Tuesday 28 Jun 2011 17:46:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2237_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2237_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[LAGARDE WINS CHINA BACKING IN IMF RACE]]></title>
                <description><![CDATA[Christine Lagarde moved a step closer to becoming managing director of the International Monetary Fund after winning the public backing of China.

In London on Monday, Zhou Xiaochuan, governor of the People's Bank of China, revealed that Beijing had given her its "quite full support".

"Of course we still do not know what the final situation will be," Zhou added. "Currently, there doesn't seem...]]></description>
				<link>http://www.gfsnews.com/article/2225/1/</link>
                <guid>http://www.gfsnews.com/article/2225/1/</guid>
                <pubDate>Tuesday 28 Jun 2011 09:22:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2225_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2225_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[OECD: ECONOMY SHOCKS TO BE 'MORE FREQUENT']]></title>
                <description><![CDATA[Shocks to the global economy are likely to become more frequent and more damaging according to a new report from the Organisation for Economic Cooperation and Development. 

Future Global Shocks analyses five potential major risks going forward including another financial crisis, a cyber attack disrupting critical infrastructure and a pandemic. 

The OECD says the economic impact of these...]]></description>
				<link>http://www.gfsnews.com/article/2218/1/</link>
                <guid>http://www.gfsnews.com/article/2218/1/</guid>
                <pubDate>Monday 27 Jun 2011 11:24:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2218_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2218_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[HONG KONG'S NEW FUNDS REGIME IN PLACE]]></title>
                <description><![CDATA[A switchover to a new regulatory regime for authorised funds and investment-linked assurance schemes in Hong Kong has been "completed smoothly", according to the country's securities regulator.

Under the changes, all fund and assurance schemes marketed to the public now have to provide investors with a product key facts statement, while offering documents have to adhere to new disclosure...]]></description>
				<link>http://www.gfsnews.com/article/2213/1/</link>
                <guid>http://www.gfsnews.com/article/2213/1/</guid>
                <pubDate>Monday 27 Jun 2011 10:34:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2213_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2213_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[AUSTRALIA BACKS CARSTENS FOR IMF TOP JOB]]></title>
                <description><![CDATA[The Australian government has swung behind Mexican central bank governor Agustín Carstens in his bid to become the next boss of the International Monetary Fund.

Up until now, treasurer and deputy prime minister Wayne Swan has remained tight lipped on who Australia would support. However he broke his silence at the weekend following candidate interviews in Washington DC last week.

Stressing...]]></description>
				<link>http://www.gfsnews.com/article/2210/1/</link>
                <guid>http://www.gfsnews.com/article/2210/1/</guid>
                <pubDate>Monday 27 Jun 2011 10:08:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2210_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2210_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[LAGARDE PLEDGES TO 'RESTORE PRIDE' TO IMF]]></title>
                <description><![CDATA[Christine Lagarde has vowed to be "tough" with EU leaders in future negotiations over the disbursement of International Monetary Fund financial resources, if appointed its next managing director.

In her pitch to the fund's executive board in Washington DC this week, Lagarde claimed that, despite being French, she would not offer Europe any special favours nor shirk from difficult...]]></description>
				<link>http://www.gfsnews.com/article/2202/1/</link>
                <guid>http://www.gfsnews.com/article/2202/1/</guid>
                <pubDate>Friday 24 Jun 2011 10:35:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2202_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2202_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[AIMA: SINGAPORE'S REGULATORS 'SIT AND WAIT']]></title>
                <description><![CDATA[One of Singapore's strengths, notes Ho Han Ming, the new chairman of the country's branch of the Alternative Investment Management Association, is that it does not engage in "knee-jerk" policymaking.

"Asian regulators tend to be less reactive, and I mean that as a compliment," he says. "Sometimes they don't do anything, because there is no need to do anything."

By way of example, Han Ming...]]></description>
				<link>http://www.gfsnews.com/article/2198/1/</link>
                <guid>http://www.gfsnews.com/article/2198/1/</guid>
                <pubDate>Friday 24 Jun 2011 00:00:00 +0100</pubDate>   
                <author>Will Henley in Singapore</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2198_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2198_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[WHY IS SINGAPORE A GOOD PLACE TO DO BUSINESS?]]></title>
                <description><![CDATA[A modern tropical island spanning a mere 710 square kilometres, Singapore is often regarded as one of the most dynamic cities in the world to work and live in.

The globally connected, multi-cultural and cosmopolitan city state with a population of 5 million offers one of the most conducive environments globally for knowledge-driven industries.

Over the last four decades, Singapore has...]]></description>
				<link>http://www.gfsnews.com/article/2186/1/</link>
                <guid>http://www.gfsnews.com/article/2186/1/</guid>
                <pubDate>Wednesday 22 Jun 2011 17:59:00 +0100</pubDate>   
                <author>Judy Lim</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2186_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2186_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[FTT GROUPS STAGE 'GLOBAL DAY OF ACTION']]></title>
                <description><![CDATA[Campaign groups across 35 countries are staging a series of protests on Wednesday calling on world leaders to support a transaction tax on financial instruments.

Arguing the levy could be used to fund poverty reduction and the fight against climate change, the trade unions and other non-governmental groups say it is right to impose it on the "reckless" financial industry.

The Trade Union...]]></description>
				<link>http://www.gfsnews.com/article/2180/1/</link>
                <guid>http://www.gfsnews.com/article/2180/1/</guid>
                <pubDate>Wednesday 22 Jun 2011 10:56:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2180_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2180_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SVCA: SINGAPORE IS 'ROLLING OUT THE RED CARPET']]></title>
                <description><![CDATA["As a destination for fund management and for financial investors," says Raj Rajkumar, "I think it will be very difficult to find any place better."

The Lion City is way up there as a jurisdiction of choice for fund managers and as the corporate headquarters of multinationals, says the vice chairman of the Singapore Venture Capital and Private Equity Association, a lobby group with over 100...]]></description>
				<link>http://www.gfsnews.com/article/2175/1/</link>
                <guid>http://www.gfsnews.com/article/2175/1/</guid>
                <pubDate>Wednesday 22 Jun 2011 00:00:00 +0100</pubDate>   
                <author>Will Henley in Singapore</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2175_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2175_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[FINANCIAL STABILITY BOARD: UNDER THE SPOTLIGHT]]></title>
                <description><![CDATA[In a matter of weeks the Financial Stability Board will unleash highly anticipated proposals on global systemically important financial institutions.

The rules are expected to prescribe higher capital surcharges and, like those coming on over the counter derivatives, resolution regimes and shadow banking, may have a seismic impact on the financial industry.

Touted by US Treasury secretary...]]></description>
				<link>http://www.gfsnews.com/article/2143/1/</link>
                <guid>http://www.gfsnews.com/article/2143/1/</guid>
                <pubDate>Friday 17 Jun 2011 00:43:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2143_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2143_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[UBS & SUISSE FACE 'CONSIDERABLE LOSSES']]></title>
                <description><![CDATA[The Swiss central bank has sounded a warning over the health of the country's two biggest banks, saying they could face "considerable losses" if sovereign debt crises elsewhere worsen.

As southern European neighbour Greece <a href="http://http://www.gfsnews.com/article/2136" target="_blank">edged closer to the brink of a debt default</a>, Thomas Jordan cautioned that Credit Suisse and UBS could...]]></description>
				<link>http://www.gfsnews.com/article/2133/1/</link>
                <guid>http://www.gfsnews.com/article/2133/1/</guid>
                <pubDate>Thursday 16 Jun 2011 10:23:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2133_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2133_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[EXPERT VIEW: THE TAX INCENTIVES OF BEING IN SINGAPORE]]></title>
                <description><![CDATA[Financial institutions seeking to expand or diversify their business in Singapore can enjoy a favourable business environment, skilled and experienced workforce, excellent infrastructure and most importantly, cost competiveness and a competitive tax environment.

Singapore's corporate tax system operates on a territorial and remittance basis, where tax is imposed on income sourced in Singapore...]]></description>
				<link>http://www.gfsnews.com/article/2128/1/</link>
                <guid>http://www.gfsnews.com/article/2128/1/</guid>
                <pubDate>Thursday 16 Jun 2011 00:01:00 +0100</pubDate>   
                <author>Yeo Tuan Yao</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2128_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2128_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[OECD: SINGAPORE MUST EXTEND TAX DEALS]]></title>
                <description><![CDATA[Singapore must update and extend its network of exchange of information agreements in order to meet national standards on taxation.

In the Organisation for Economic Cooperation and Development's peer review report from the Global Forum on Tax, it found that only 14 of the jurisdiction's EOI agreements were in force. 

Due to domestic law limitations around access to information for EOI...]]></description>
				<link>http://www.gfsnews.com/article/2040/1/</link>
                <guid>http://www.gfsnews.com/article/2040/1/</guid>
                <pubDate>Tuesday 7 Jun 2011 09:20:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2040_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2040_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SINGAPORE: THE STAR OF THE EAST RISES]]></title>
                <description><![CDATA["In a rapidly changing world," said Prime Minister Lee Hsien Loong at his swearing-in ceremony last month, "Singapore is evolving too."

The fifty-nine year-old, who won re-election on 7 May in a ballot which for the first time in decades saw almost all parliamentary seats contested, pledged to create "a Singapore which is open to the world."

The leader of the People's Action Party, which has...]]></description>
				<link>http://www.gfsnews.com/article/2041/1/</link>
                <guid>http://www.gfsnews.com/article/2041/1/</guid>
                <pubDate>Tuesday 7 Jun 2011 00:01:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2041_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2041_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[EVOLUTION OF THE AIFMD - THE OFFSHORE OPPORTUNITY]]></title>
                <description><![CDATA[The European Union's Directive to regulate Alternative Investment Fund Managers has been one of the most widely discussed and controversial pieces of regulation in the investment funds industry.

As the AIFMD progresses through to implementation the debate shows no sign of abating. Individual EU member states are required to deliver it during the course of 2013.

In respect of Level 2...]]></description>
				<link>http://www.gfsnews.com/article/2026/1/</link>
                <guid>http://www.gfsnews.com/article/2026/1/</guid>
                <pubDate>Monday 6 Jun 2011 09:44:00 +0100</pubDate>   
                <author>Keiran Loughran</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2026_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2026_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[OECD: SWITZERLAND MUST TOE THE TAX LINE]]></title>
                <description><![CDATA[Switzerland still has significant strides to make on tax policy in order to comply with the Organisation for Economic Cooperation and Development's tax transparency standards. 

In its latest tranche of peer reviews on nine countries, the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes found that Switzerland, though rapidly having improved its exchange of...]]></description>
				<link>http://www.gfsnews.com/article/2013/1/</link>
                <guid>http://www.gfsnews.com/article/2013/1/</guid>
                <pubDate>Thursday 2 Jun 2011 15:43:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2013_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2013_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SGX OVERHAULS CORP GOVERNANCE RULES]]></title>
                <description><![CDATA[The Singapore Exchange is proposing to overhaul its listing rules on corporate governance practice which includes plans to introduce voting by poll at annual general meetings.

SGX is aiming to improve governance by encouraging listed companies to engage more with their shareholders and has put forward proposals for annual general meetings to take place in Singapore.

It proposes that all SGX...]]></description>
				<link>http://www.gfsnews.com/article/2011/1/</link>
                <guid>http://www.gfsnews.com/article/2011/1/</guid>
                <pubDate>Thursday 2 Jun 2011 14:30:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2011_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2011_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[UK HMRC TO TARGET TAX BLACKLISTS]]></title>
                <description><![CDATA[The UK is considering publishing a blacklist of "aggressive" high-risk tax avoidance schemes that would see any users punished with higher upfront penalties. 

Her Majesty's Revenue and Customs says it will target the "small but significant" number of businesses and individuals who use contrived arrangements to seek tax advantages that are "not intended to be available". 

The blacklist could...]]></description>
				<link>http://www.gfsnews.com/article/2000/1/</link>
                <guid>http://www.gfsnews.com/article/2000/1/</guid>
                <pubDate>Wednesday 1 Jun 2011 15:09:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/2000_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/2000_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[OECD TAX CONVENTION OPEN TO 'ALL COUNTRIES']]></title>
                <description><![CDATA[Amendments to a key tax information sharing convention from the Organisation for Economic Co-operation and Development, in force from today, are set to boost international tax cooperation.

The changes to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, which come as the body's multi-country Global Forum on Transparency meets in Bermuda, open it up to "all...]]></description>
				<link>http://www.gfsnews.com/article/1997/1/</link>
                <guid>http://www.gfsnews.com/article/1997/1/</guid>
                <pubDate>Wednesday 1 Jun 2011 11:25:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1997_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1997_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[MOVE TO BOOST PRICE DISCOVERY BY SGX]]></title>
                <description><![CDATA[The Singapore Exchange has unveiled plans to change rules covering pre-opening and pre-closing routines in the securities market. 

The SGX said that the proposals, together with plans to reduce the minimum size of securities from 4 July, will help enhance market transparency and price discovery.

According to a consultation out today, open until 15 June, the exchange plans to publish...]]></description>
				<link>http://www.gfsnews.com/article/1994/1/</link>
                <guid>http://www.gfsnews.com/article/1994/1/</guid>
                <pubDate>Wednesday 1 Jun 2011 11:15:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1994_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1994_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SGX TO BE FIRST ASIAN FX FORWARD CLEARER]]></title>
                <description><![CDATA[The Singapore Exchange has announced that it intends to become the world's first exchange to clear non-deliverable Asian foreign exchange forwards.

The SGX said today that the move, beginning from September, keeps it aligned with global regulations on mandatory clearing for nondeliverable FX forwards and FX options via a central counter party.

It comes just over six months since the exchange...]]></description>
				<link>http://www.gfsnews.com/article/1988/1/</link>
                <guid>http://www.gfsnews.com/article/1988/1/</guid>
                <pubDate>Wednesday 1 Jun 2011 10:15:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1988_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1988_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[CAYMAN: OBAMA 'DISINGENUOUS AT BEST']]></title>
                <description><![CDATA[The Cayman Islands Stock Exchange has launched a hard-hitting broadside against critics of the offshore jurisdiction, including US President Barack Obama, who is accused of being "disingenuous at best".

Chairman Anthony Travers, writing in Global Financial Strategy today, says the island's domestic legislation "exceeds the highest international standards", adding that suggestions over lack of...]]></description>
				<link>http://www.gfsnews.com/article/1979/1/</link>
                <guid>http://www.gfsnews.com/article/1979/1/</guid>
                <pubDate>Tuesday 31 May 2011 10:42:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1979_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1979_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[CLICHéD CRITICISMS OF CAYMAN ARE UNFAIR]]></title>
                <description><![CDATA[Notwithstanding the predictions of the imminent demise of the Cayman Islands and other offshore financial centres - and by no lesser personage than Mr Christopher Bryant, the Minister for the Overseas Territories under the prior United Kingdom socialist regime - the figures in respect of new fund registrations in the Cayman Islands show remarkable resilience.

With new fund establishment running...]]></description>
				<link>http://www.gfsnews.com/article/1978/1/</link>
                <guid>http://www.gfsnews.com/article/1978/1/</guid>
                <pubDate>Tuesday 31 May 2011 09:57:00 +0100</pubDate>   
                <author>Anthony Travers</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1978_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1978_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[CAYMAN 'AWARD' FOR AUTHOR NICHOLAS SHAXSON]]></title>
                <description><![CDATA[The Cayman Islands Stock Exchange has raised eyebrows this morning with a "book of the year" award for current bane of offshore centres, author Nicholas Shaxson.

The exchange is offering the British author and journalist - whose critical investigation, 'Treasure Islands', into financial centres such as Cayman has been flying off the shelves - a $1,000 prize, to be paid "to the Cayman Island...]]></description>
				<link>http://www.gfsnews.com/article/1941/1/</link>
                <guid>http://www.gfsnews.com/article/1941/1/</guid>
                <pubDate>Wednesday 25 May 2011 11:03:00 +0100</pubDate>   
                <author>Regulation Mutters</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1941_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1941_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[GETTING THE MOST OUT OF FINANCIAL GLOBALISATION]]></title>
                <description><![CDATA[According to recent OECD analysis, growth-supportive structural policies have an important role to play in shaping financial globalisation and reducing vulnerabilities associated with large capital inflows.

While attracting more inflows in emerging countries, such policies also modify their composition towards more stable and productive sources of financing.

In particular, more...]]></description>
				<link>http://www.gfsnews.com/article/1918/1/</link>
                <guid>http://www.gfsnews.com/article/1918/1/</guid>
                <pubDate>Monday 23 May 2011 11:03:00 +0100</pubDate>   
                <author>Stephanie Guichard & Davide Furceri</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1918_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1918_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[THARMAN IS NEW SINGAPORE MAS CHAIR]]></title>
                <description><![CDATA[Singapore finance minister Tharman Shanmugaratnam has extended his influence over the city-state's regulatory affairs after being appointed chairman of the Monetary Authority.

The two-year appointment comes amid a ministerial shake-up following national elections earlier this month, which the People's Action Party again won comfortably.

It also comes despite some analysts tipping Tharman as...]]></description>
				<link>http://www.gfsnews.com/article/1914/1/</link>
                <guid>http://www.gfsnews.com/article/1914/1/</guid>
                <pubDate>Monday 23 May 2011 09:51:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1914_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1914_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[LAGARDE STRONG FAVOURITE FOR IMF TOP JOB]]></title>
                <description><![CDATA[Christine Lagarde looks increasingly likely to be parachuted in as the next managing director of the International Monetary Fund after the British government broke ranks to offer her a formal endorsement.

Chancellor George Osborne said on Saturday night that the French finance minister is "far and away the outstanding candidate".

He said Lagarde would be welcomed as a "strong backer of the...]]></description>
				<link>http://www.gfsnews.com/article/1913/1/</link>
                <guid>http://www.gfsnews.com/article/1913/1/</guid>
                <pubDate>Saturday 21 May 2011 23:37:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1913_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1913_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[JERSEY TO REMOVE 'HARMFUL' TAX LAWS]]></title>
                <description><![CDATA[Jersey will repeal two taxation laws deemed "harmful" by a recent EU code of conduct group in order to keep its controversial zero-10 corporate tax policy.

Treasury minister Philip Ozouf announced on Tuesday that a proposal has been lodged aiming to eliminate the country's deemed distribution and attribution rules by January 2012. 

These regulations see foreign shareholders of Jersey...]]></description>
				<link>http://www.gfsnews.com/article/1882/1/</link>
                <guid>http://www.gfsnews.com/article/1882/1/</guid>
                <pubDate>Wednesday 18 May 2011 15:38:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1882_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1882_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[GUERNSEY FIRMS APPROVED FOR HK LISTING]]></title>
                <description><![CDATA[Companies in Guernsey have been formally approved to list on the Hong Kong Stock Exchange, in a move which could spur an increase to the offshore financial centre's investor community. 

The move was allowed after the listing division of Hong Kong exchange decided the centre's regulatory requirements offer equivalent or better protection to shareholders compared with those in the Asian...]]></description>
				<link>http://www.gfsnews.com/article/1881/1/</link>
                <guid>http://www.gfsnews.com/article/1881/1/</guid>
                <pubDate>Wednesday 18 May 2011 15:04:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1881_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1881_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[ALL EYES ON JOHN LIPSKY AS IMF IN TURMOIL]]></title>
                <description><![CDATA[John Lipsky was thrust into the apex of decision making at the International Monetary Fund yesterday after his French paymaster was accused by New York police of sex crimes including attempted rape.

The first deputy managing director, who just days before announced his own impending departure, is now tasked with taking Dominique Strauss-Kahn's place as the IMF engages in knife-edge talks over...]]></description>
				<link>http://www.gfsnews.com/article/1845/1/</link>
                <guid>http://www.gfsnews.com/article/1845/1/</guid>
                <pubDate>Monday 16 May 2011 10:21:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1845_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1845_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA['REGULATORY RACE TO THE TOP' - WHEATLEY]]></title>
                <description><![CDATA[Countries are now engaged in a race to the top on regulation says Martin Wheatley, outgoing chief executive of the Hong Kong Securities and Futures Commission. 

Speaking to Global Financial Strategy this week, Wheatley says the "interesting phenomenon" is being driven by countries trying to satisfy their own national agendas as well as not wanting to be outdone by their neighbours. 

For the...]]></description>
				<link>http://www.gfsnews.com/article/1809/1/</link>
                <guid>http://www.gfsnews.com/article/1809/1/</guid>
                <pubDate>Wednesday 11 May 2011 11:35:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1809_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1809_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[INTERVIEW: MARTIN WHEATLEY, INCOMING UK CONDUCT HEAD]]></title>
                <description><![CDATA["It is a race to the top now" according to Martin Wheatley, remarking on the "interesting phenomenon" of countries competing to be better regulated than their neighbours.

He says: "It is countries saying, what can we introduce which makes us comfortable at a national level, even if, at a headline level, that appears to make us uncompetitive?

"Nobody at the political level or the government...]]></description>
				<link>http://www.gfsnews.com/article/1808/1/</link>
                <guid>http://www.gfsnews.com/article/1808/1/</guid>
                <pubDate>Wednesday 11 May 2011 11:24:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1808_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1808_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[BACK IN BLACK: LOWERING CORPORATE TAX RATES]]></title>
                <description><![CDATA[As countries throughout the world attempt to boost their recovery after the global financial crisis, many governments seem to have hit on the same plan to get their economies moving once again.

Recent weeks have seen the US, UK and Australia all announce plans to reform and reduce their corporation tax rate, while the beleaguered Irish government is fighting tooth and claw to keep its rate as...]]></description>
				<link>http://www.gfsnews.com/article/1705/1/</link>
                <guid>http://www.gfsnews.com/article/1705/1/</guid>
                <pubDate>Tuesday 26 Apr 2011 10:05:00 +0100</pubDate>   
                <author>Dave Goodman</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1705_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1705_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[IIF ON GLOBAL REFORMS: YOU HAVE BEEN WARNED]]></title>
                <description><![CDATA[The Institute of International Finance, which caters for some of the biggest banks in the world, last week complained about the cumulative effects of new global financial reforms. 

Amongst other areas, the body warned that expected proposals from the Financial Stability Board forcing systemically important banks to hold extra capital would in fact exacerbate systemic risk.
 
But how seriously...]]></description>
				<link>http://www.gfsnews.com/article/1701/1/</link>
                <guid>http://www.gfsnews.com/article/1701/1/</guid>
                <pubDate>Thursday 21 Apr 2011 16:24:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1701_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1701_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SWAN: WALL ST UNMOVED BY SGX REJECTION]]></title>
                <description><![CDATA[The Australia government was right to block a proposed takeover of the Australian Stock Exchange by Singapore, Wayne Swan has said.

The deputy prime minister and treasurer, speaking in Brisbane on Wednesday, defended the decision to rule out the A$8.4bn (€6.1bn/$8.7bn) deal on "national interest" grounds.

Swan resisted suggestions Australia is sending out the signal that it is closed to...]]></description>
				<link>http://www.gfsnews.com/article/1693/1/</link>
                <guid>http://www.gfsnews.com/article/1693/1/</guid>
                <pubDate>Thursday 21 Apr 2011 07:32:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1693_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1693_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[DRAGHI PINPOINTS 'POCKETS OF WEAKNESS']]></title>
                <description><![CDATA[The head of the Financial Stability Board has warned of the risks of sudden changes in worldwide funding, saying action is need to address remaining "pockets of weakness" in the banking system.

Mario Draghi, governor of the Banca d'Italia and FSB chairman, marked out exchange-traded funds as posing an important danger at an International Monetary Fund conference in Washington DC at the...]]></description>
				<link>http://www.gfsnews.com/article/1653/1/</link>
                <guid>http://www.gfsnews.com/article/1653/1/</guid>
                <pubDate>Monday 18 Apr 2011 06:30:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1653_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1653_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[1,000 ECONOMISTS CALL FOR TRANSACTION TAX]]></title>
                <description><![CDATA[One thousand of the world's leading economists across 53 countries have appealed to G20 governments to support a global transaction tax on the financial sector.

In an open letter targeted at finance ministers as they arrived in Washington DC for a key G20 summit on Thursday, the scholars say the tax would act as a break on "excessive speculation".

They say the FTT, which has aroused industry...]]></description>
				<link>http://www.gfsnews.com/article/1627/1/</link>
                <guid>http://www.gfsnews.com/article/1627/1/</guid>
                <pubDate>Thursday 14 Apr 2011 01:41:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1627_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1627_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[BARBADOS CALLS FOR 'EQUITABLE' GLOBAL REFORMS]]></title>
                <description><![CDATA[The Central Bank of Barbados has called for fairness in the way that financial reforms are pursued, on the eve of a key G20 finance ministers meeting.

Writing exclusively for <a href="http://www.gfsnews.com/article/1616/1/" target="_blank">Global Financial Strategy today</a>, governor DeLisle Worrell says that policymakers must ensure that regulatory changes are "equitable across all...]]></description>
				<link>http://www.gfsnews.com/article/1618/1/</link>
                <guid>http://www.gfsnews.com/article/1618/1/</guid>
                <pubDate>Wednesday 13 Apr 2011 10:41:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1618_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1618_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SINGAPORE BOOSTS INSURER RESOLUTION POWERS]]></title>
                <description><![CDATA[The Monetary Authority of Singapore is to be handed increased powers to deal with failing insurers, under new legislation approved yesterday.

Lim Hng Kiang, industry minister, assured parliamentarians the Insurance (Amendment) Bill would allow the regulator to take "quick action" to resolve troubled firms.

It also removes the requirement for an insurer to maintain a statutory deposit with...]]></description>
				<link>http://www.gfsnews.com/article/1594/1/</link>
                <guid>http://www.gfsnews.com/article/1594/1/</guid>
                <pubDate>Tuesday 12 Apr 2011 05:56:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1594_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1594_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[JERSEY: 'AIFMD FELT LIKE A NUCLEAR EVENT']]></title>
                <description><![CDATA[The EU Alternative Investment Fund Managers Directive felt like a "nuclear event" for Jersey, according to a leading figure in the Channel Island's financial industry.

Brendan McMahon, an audit partner for PwC within the Channel Islands financial services group, says he feared the directive introduced last year would spell disaster for the island.

During a debate on offshore finance in...]]></description>
				<link>http://www.gfsnews.com/article/1558/1/</link>
                <guid>http://www.gfsnews.com/article/1558/1/</guid>
                <pubDate>Thursday 7 Apr 2011 10:49:00 +0100</pubDate>   
                <author>Dave Goodman</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1558_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1558_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[OFFSHORE BANKING GROUP CHANGES NAME]]></title>
                <description><![CDATA[The Offshore Group of Banking Supervisors has changed the name of the group to The Group of International Finance Centre Supervisors or GIFCS.

Chairman Colin Powell says the decision was taken to reflect the scope of the group's activities more accurately. 

When the group was initially formed in 1980 at the request of the Basel Committee on Banking Supervision, its mandate was limited to...]]></description>
				<link>http://www.gfsnews.com/article/1543/1/</link>
                <guid>http://www.gfsnews.com/article/1543/1/</guid>
                <pubDate>Wednesday 6 Apr 2011 11:11:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1543_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1543_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[AUS CITES 'NATIONAL INTEREST' IN REJECTING SGX]]></title>
                <description><![CDATA[The Australian government has insisted it is right to consider blocking a takeover of the country's stock exchange by the Singapore Exchange.

Deputy prime minister and treasurer Wayne Swan suggested to ABC News Radio earlier today that a projected A$8.4bn (€6.1bn/$8.7bn) bid would not be in the "national interest".

The takeover was first mooted in October last year but has aroused fierce...]]></description>
				<link>http://www.gfsnews.com/article/1540/1/</link>
                <guid>http://www.gfsnews.com/article/1540/1/</guid>
                <pubDate>Wednesday 6 Apr 2011 10:29:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1540_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1540_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[EC'S SEMETA TALKS TOUGH ON TAX HAVENS]]></title>
                <description><![CDATA[A tougher approach to tax havens and non cooperative jurisdictions is being urged by European commissioner for taxation Algirdas Šemeta.

Speaking at a workshop on the outlook for financial markets in Cernobbio, Italy over the weekend, Šemeta said he will pursue the fight for more tax transparency at a global level by agreeing a tougher common European approach.

The commissioner also...]]></description>
				<link>http://www.gfsnews.com/article/1512/1/</link>
                <guid>http://www.gfsnews.com/article/1512/1/</guid>
                <pubDate>Monday 4 Apr 2011 10:11:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1512_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1512_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SWISS REJECT ESRB ROLE AMID OVERSIGHT FEAR]]></title>
                <description><![CDATA[Switzerland has rejected formal participation in the European Systemic Risk Board, arguing that its involvement is "neither possible nor desirable". 

The Swiss Federal Council on Wednesday ruled out a role with the body because of the increased oversight that its central bank would be subjected to as a result.

This follows the approval of a report by the council, which welcomed only an...]]></description>
				<link>http://www.gfsnews.com/article/1486/1/</link>
                <guid>http://www.gfsnews.com/article/1486/1/</guid>
                <pubDate>Wednesday 30 Mar 2011 14:03:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1486_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1486_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[IMF ENDORSES HIGHER SWISS CAPITAL BUFFER]]></title>
                <description><![CDATA[The International Monetary Fund has leant its support to Swiss government measures to clamp down on too-big-to-fail financial institutions.

In a mixed report on Monday, the Washington-based body however says the country needs to improve its financial supervision and mortgage lending standards.

The IMF welcomes draft legislation put forward in December which would see UBS and Credit Suisse...]]></description>
				<link>http://www.gfsnews.com/article/1465/1/</link>
                <guid>http://www.gfsnews.com/article/1465/1/</guid>
                <pubDate>Monday 28 Mar 2011 15:09:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1465_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1465_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA['NO EXCUSES' ON FTT DESPITE G20 DOUBTERS]]></title>
                <description><![CDATA[The European Union should push on with a financial transactions tax despite opposition within the G20, its leading architect has said.

Anni Podimata MEP, <a href="http://www.gfsnews.com/article/1430/1/FTT_can_be_EU_s_second_regulatory_pillar" target="_blank">writing exclusively for Global Financial Strategy</a> today, urges the European Commission to seize the "momentum" as it carries out a key...]]></description>
				<link>http://www.gfsnews.com/article/1431/1/</link>
                <guid>http://www.gfsnews.com/article/1431/1/</guid>
                <pubDate>Thursday 24 Mar 2011 09:32:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1431_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1431_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[UK TO HAVE 'LOWEST CORPORATION TAX IN G7']]></title>
                <description><![CDATA[UK chancellor George Osborne has unveiled plans to slash the country's corporation tax from 28 to 23 per cent by 2014.

The finance minister, announcing the annual Budget on Wednesday, said the reduction would give Britain "the lowest corporation tax in the G7".

Osborne said that the tax would be cut this year by 2 per cent, up on the 1 per cent already announced by the government. 

"It...]]></description>
				<link>http://www.gfsnews.com/article/1425/1/</link>
                <guid>http://www.gfsnews.com/article/1425/1/</guid>
                <pubDate>Wednesday 23 Mar 2011 12:59:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1425_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1425_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[UK BUDGET: CLAMPDOWN ON NON-DOMS]]></title>
                <description><![CDATA[UK Chancellor George Osborne is clamping down on  long-term residents claiming non-domicile status by charging them £50,000 a year if they have been resident in Britain for 12 years. 

Currently non-doms are charged £30,000 annually if they have been resident in the UK for seven years. This was brought in under the previous Labour Government.  

Osborne said this latest move would raise...]]></description>
				<link>http://www.gfsnews.com/article/1426/1/</link>
                <guid>http://www.gfsnews.com/article/1426/1/</guid>
                <pubDate>Wednesday 23 Mar 2011 12:55:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1426_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1426_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SINGAPORE TO TIGHTEN THE LEASH ON CRAS]]></title>
                <description><![CDATA[Credit rating agencies operating in Singapore are set to face new curbs under consultation proposals announced today.

The Monetary Authority of Singapore says it wants agencies to be fully licensed and be obliged to comply with a code of conduct. 

Under the proposed regime, CRAs would also have to maintain a minimum capital base of $250,000. 

The regulator said on Wednesday that it wanted...]]></description>
				<link>http://www.gfsnews.com/article/1418/1/</link>
                <guid>http://www.gfsnews.com/article/1418/1/</guid>
                <pubDate>Wednesday 23 Mar 2011 08:47:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1418_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1418_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SINGAPORE INSURERS MUST IMPROVE CORP GOV]]></title>
                <description><![CDATA[The insurance executive director of the Monetary Authority of Singapore has encouraged firms to improve their corporate governance to manage a promising but tricky atmosphere for insurers. 
 
Arguing that "there are as many risks in Asia as there are opportunities", Luz Foo said that insurers must improve upon the information provided to their boards to facilitate monitoring and obtain timely...]]></description>
				<link>http://www.gfsnews.com/article/1398/1/</link>
                <guid>http://www.gfsnews.com/article/1398/1/</guid>
                <pubDate>Monday 21 Mar 2011 11:07:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1398_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1398_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[JERSEY RULES TO LIMIT BANK FAILURES]]></title>
                <description><![CDATA[The Jersey Financial Services Commission has proposed measures in line with Basel III in a bid to reduce the risk of future Jersey bank failures in the event that the parent company fails.

The consultation will substantially change large exposures regulations applying to registered deposit takers incorporated in Jersey.

The JFSC says that if all the proposals are implemented, they would...]]></description>
				<link>http://www.gfsnews.com/article/1397/1/</link>
                <guid>http://www.gfsnews.com/article/1397/1/</guid>
                <pubDate>Monday 21 Mar 2011 11:03:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1397_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1397_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[WARNING AS LONDON TOPS FINANCIAL CITY LIST]]></title>
                <description><![CDATA[London has retained its crown as the world's premier financial centre despite fears of a clampdown on banking institutions, according to a major survey.

The UK capital beat New York, Hong Kong and Singapore for a successive year in the Global Financial Centres Index, a barometer of the business environment in 75 cities worldwide.

The announcement was however greeted with a word of warning...]]></description>
				<link>http://www.gfsnews.com/article/1396/1/</link>
                <guid>http://www.gfsnews.com/article/1396/1/</guid>
                <pubDate>Monday 21 Mar 2011 10:38:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1396_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1396_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[JERSEY AND INDIA DELAY TAX INFO DEAL]]></title>
                <description><![CDATA[Jersey and India have delayed signing a tax information exchange agreement but say this will not adversely affect business flows between the two countries. 

TIEA's take several months to prepare and Jersey Finance believes the agreement will soon be in place.

Jersey Finance now has a permanent representative in the country and the organisation currently has a delegation visiting...]]></description>
				<link>http://www.gfsnews.com/article/1394/1/</link>
                <guid>http://www.gfsnews.com/article/1394/1/</guid>
                <pubDate>Monday 21 Mar 2011 10:14:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1394_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1394_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[BASEL TURNS SIGHTS ON FX SETTLEMENT RISK]]></title>
                <description><![CDATA[The Basel Committee on Banking Supervision is to establish a joint working group to revise its guidance on managing the settlement risk in foreign exchange transactions, it has been announced. 
 
The working group, situated under its Committee on Payment and Settlement Systems, will look into fears raised by a May 2008 CPSS report. 

The report recommended that individual institutions need to...]]></description>
				<link>http://www.gfsnews.com/article/1379/1/</link>
                <guid>http://www.gfsnews.com/article/1379/1/</guid>
                <pubDate>Thursday 17 Mar 2011 16:46:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1379_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1379_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SECURITIES TAX COULD HARM EMERGING MARKETS]]></title>
                <description><![CDATA[One potential policy response to the financial crisis which arose as part of the G20 discussion was the imposition of some kind of financial transactions tax (FTT).

This appealed to some both as way of paying for the costs of the crisis and as a way of mitigating against future crises. Critics however have argued against such taxes both on the grounds of fundamental effectiveness as well...]]></description>
				<link>http://www.gfsnews.com/article/1350/1/</link>
                <guid>http://www.gfsnews.com/article/1350/1/</guid>
                <pubDate>Tuesday 15 Mar 2011 10:41:00 +0100</pubDate>   
                <author>Richard Reid</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1350_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1350_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SWISS PLAN OVERHAUL OF INVESTMENT RULES]]></title>
                <description><![CDATA[Switzerland has announced plans for an overhaul of its investment regulations in an effort to prevent the country becoming a hotspot for under-regulated investment funds. 

The Federal Council on Friday expressed concern that the country may attract products and investors seeking a weaker regime, following the introduction of stricter requirements in Europe.

It warned that it must better...]]></description>
				<link>http://www.gfsnews.com/article/1331/1/</link>
                <guid>http://www.gfsnews.com/article/1331/1/</guid>
                <pubDate>Friday 11 Mar 2011 17:38:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1331_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1331_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[WORLD BANK QUESTIONS BIG BANK BENEFITS]]></title>
                <description><![CDATA[The World Bank's chief economist on the financial sector has suggested big banks provide little benefit to shareholders and reforms of their governance and pay structures are required.

Asli Demirgüç-Kunt, writing in GFS News today, says that that bank managers may have benefitted from the rise in global banks, but often at the cost of increased risk.

Revealing the results of a study she...]]></description>
				<link>http://www.gfsnews.com/article/1327/1/</link>
                <guid>http://www.gfsnews.com/article/1327/1/</guid>
                <pubDate>Friday 11 Mar 2011 11:09:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1327_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1327_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[EP THREATENS BANK LICENCES OVER 'WMDS']]></title>
                <description><![CDATA[Bank licenses should be withdrawn from financial institutions operating in offshore tax havens, according to a resolution adopted by the European Parliament. 

In a vote on Tuesday, MEPs voted in favour of a clampdown on tax havens and transfer price "manipulation" by multinational companies.

Parliamentarians agreed with a development committee report that companies should be forced to pay...]]></description>
				<link>http://www.gfsnews.com/article/1297/1/</link>
                <guid>http://www.gfsnews.com/article/1297/1/</guid>
                <pubDate>Tuesday 8 Mar 2011 17:30:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1297_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1297_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[LIBERIA SIGNS TWELFTH TAX DEAL - IN BRIEF]]></title>
                <description><![CDATA[Liberia has signed a tax information exchange deal with Ghana, the twelfth such agreement brokered by the country in recent months.

Pascal Saint-Amans, head of the OECD's Global Forum Secretariat, said the agreements indicate the government is committed to international tax standards.

Liberia will now move into the organisation's list of countries which have "substantially implemented" the...]]></description>
				<link>http://www.gfsnews.com/article/1266/1/</link>
                <guid>http://www.gfsnews.com/article/1266/1/</guid>
                <pubDate>Thursday 3 Mar 2011 15:57:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1266_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1266_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SINGAPORE CONCERN OVER 'UNCERTAIN' FUTURE]]></title>
                <description><![CDATA[Singapore's insurance industry faces a "highly uncertain" operating environment, according to the country's financial regulator.

Lee Boon Ngiap, assistant managing director for banking and insurance at the Singapore Monetary Authority, said on Wednesday that while performance is set to be "good" this year, several challenges are on the horizon.

Warning of the dangers of complacency, Lee told...]]></description>
				<link>http://www.gfsnews.com/article/1260/1/</link>
                <guid>http://www.gfsnews.com/article/1260/1/</guid>
                <pubDate>Thursday 3 Mar 2011 11:10:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1260_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1260_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[TURNER: LIBERALISATION MAY HAVE BEEN A FAILURE]]></title>
                <description><![CDATA[In a long speech in February 2011 called '<a href="http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2011/0218_at.shtml" target="_blank">Reforming Finance: are we being radical enough?</a>', as picked up by the excellent <a href="http://www.progtaxblog.org.uk/2011/03/01/how-the-fsa-chairman-lord-turner-thinks-banks-should-pay-more-tax/" target="_blank">Progressive Tax Blog</a>, Turner...]]></description>
				<link>http://www.gfsnews.com/article/1257/1/</link>
                <guid>http://www.gfsnews.com/article/1257/1/</guid>
                <pubDate>Thursday 3 Mar 2011 10:21:00 +0100</pubDate>   
                <author>Nicholas Shaxson</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1257_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1257_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[UK AND SWISS CONTINUE TAX DEAL TALKS]]></title>
                <description><![CDATA[UK and Swiss authorities have held further talks over the regularisation of undeclared assets and implementation of a final withholding tax in the Alpine financial centre.

As Swiss federal councillor Eveline Widmer-Schlumpf met with UK counterpart David Gauke on a visit to Bern on Monday, the Federal Department of Finance also announced double tax agreements with Sweden and Romania.

The...]]></description>
				<link>http://www.gfsnews.com/article/1233/1/</link>
                <guid>http://www.gfsnews.com/article/1233/1/</guid>
                <pubDate>Tuesday 1 Mar 2011 10:14:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1233_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1233_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[HONG KONG UNVEILS IBONDS IN BUDGET]]></title>
                <description><![CDATA[Hong Kong is to offer a special inflation-linked bond in its annual 2011-12 budget.

Financial secretary John Tsang, unveiling the budget on Wednesday, declared that "fighting inflation is our major task this year" as he underlined a shift in power from West to East.

He insisted that the economy had now "fully recovered" from the financial crisis, with growth exceeding previous highs....]]></description>
				<link>http://www.gfsnews.com/article/1185/1/</link>
                <guid>http://www.gfsnews.com/article/1185/1/</guid>
                <pubDate>Wednesday 23 Feb 2011 10:31:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1185_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1185_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[HK BOOSTS OFFSHORE STATUS WITH EXCHANGES]]></title>
                <description><![CDATA[The Hong Kong Securities and Futures Commission has launched a consultation on proposals to expand the list of regulated local and overseas exchanges in a bid to boost the region's status as an offshore financial centre.  

A further nine stock and futures exchanges will be added to the list, as part of the government's plans to offer tax exemptions to offshore funds which are engaged in futures...]]></description>
				<link>http://www.gfsnews.com/article/1173/1/</link>
                <guid>http://www.gfsnews.com/article/1173/1/</guid>
                <pubDate>Tuesday 22 Feb 2011 11:06:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1173_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1173_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[G20 PARIS SUMMIT LAYS OUT REFORM TARGETS]]></title>
                <description><![CDATA[G20 finance ministers have declared they will extend action against globally systemically important financial institutions to other major financial institutions around the world.

At a weekend summit in Paris hosted by the French government, ministers agreed economic indicators to detect worldwide imbalances and vowed to see through recommendations by the Financial Stability Board on...]]></description>
				<link>http://www.gfsnews.com/article/1164/1/</link>
                <guid>http://www.gfsnews.com/article/1164/1/</guid>
                <pubDate>Monday 21 Feb 2011 11:27:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1164_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1164_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[ICELAND PARLIAMENT APPROVES PAYBACK]]></title>
                <description><![CDATA[Icelandic parliamentarians have approved a deal to repay the UK and Netherlands the €4bn ($5.4bn/£3.1bn) lost when Landsbanki's Icesave scheme imploded.

Some 44 of the 63 MPs green lighted the package on Wednesday, despite it arousing huge controversy among the island's population.

The agreement, which seeks to compensate foreign savers hit by the 2008 Icesave collapse, will now be passed...]]></description>
				<link>http://www.gfsnews.com/article/1122/1/</link>
                <guid>http://www.gfsnews.com/article/1122/1/</guid>
                <pubDate>Wednesday 16 Feb 2011 17:21:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1122_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1122_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[JERSEY FORCED TO RETHINK ZERO-TEN TAX]]></title>
                <description><![CDATA[Jersey will be forced to ring changes to its controversial 'zero-ten' corporation tax rate following a recent review by European Union authorities, it has been announced.

A review by the EU's High Level Working Party on Tax Issues raised concerns over the tax regime's deemed distribution and attribution rules, which the jurisdiction has now confirmed will be removed from January 2012.

Jersey...]]></description>
				<link>http://www.gfsnews.com/article/1112/1/</link>
                <guid>http://www.gfsnews.com/article/1112/1/</guid>
                <pubDate>Wednesday 16 Feb 2011 10:25:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1112_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1112_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SWISS RELAX TAX RULES AFTER OECD RAP]]></title>
                <description><![CDATA[Switzerland has announced it will make it easier to track down foreign tax evaders after the OECD warned that its restrictive measures could see the country blacklisted.
 
In a statement issued on Tuesday, the Swiss Federal Department of Finance said that its strict demand for foreign authorities to provide both a valid name and address of a person wanted for tax evasion would now be relaxed.
...]]></description>
				<link>http://www.gfsnews.com/article/1110/1/</link>
                <guid>http://www.gfsnews.com/article/1110/1/</guid>
                <pubDate>Tuesday 15 Feb 2011 16:47:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1110_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1110_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[IRELAND WILL REJECT CORP TAX HIKES]]></title>
                <description><![CDATA[The man predicted to lead the next Irish coalition government has declared that the country will firmly reject any changes to its minimal corporate tax rate after meeting with German chancellor Angela Merkel.
 
Enda Kenny, leader of the Fine Gael party, had set off to brief Merkel on the party's plans for Irish reform. 
 
When questioned on the EU Competitiveness Pact proposed by Germany and...]]></description>
				<link>http://www.gfsnews.com/article/1097/1/</link>
                <guid>http://www.gfsnews.com/article/1097/1/</guid>
                <pubDate>Tuesday 15 Feb 2011 10:01:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1097_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1097_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[IRS TARGETS INTERNATIONAL TAX EVASION]]></title>
                <description><![CDATA[US authorities have launched a tax amnesty initiative to encourage American citizens hiding money offshore to bring it back into the country.

The Internal Revenue Service announced the disclosure scheme, the second of its kind in two years, as it warned that time was running out for those stashing funds overseas.

IRS commissioner Doug Shulman said that banks too were under review, claiming...]]></description>
				<link>http://www.gfsnews.com/article/1064/1/</link>
                <guid>http://www.gfsnews.com/article/1064/1/</guid>
                <pubDate>Thursday 10 Feb 2011 15:10:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1064_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1064_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[MALTESE AND SWISS SIGN TAX AGREEMENT]]></title>
                <description><![CDATA[Switzerland and Malta have concluded negotiations on a double taxation agreement to replace a previously defunct accord. 
 
While the two countries signed a DTA on 18 December 2008, this did not contain an administrative assistance clause in accordance with the Organisation for Economic Cooperation and Development's global taxation standard. 
 
The tax haven currently has over 70 DTA...]]></description>
				<link>http://www.gfsnews.com/article/1039/1/</link>
                <guid>http://www.gfsnews.com/article/1039/1/</guid>
                <pubDate>Tuesday 8 Feb 2011 10:57:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1039_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1039_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[IFRS RAMPS UP ROLE FOR EMERGING MARKETS]]></title>
                <description><![CDATA[A report from the International Financial Reporting Standards Monitoring Board has concluded that its board membership should be doubled to give emerging markets a much greater say, as part of a raft of proposed measures.  

The report recommends that membership of the oversight committee be extended from its current figure of five to a total of 11, with emerging markets handed four of these...]]></description>
				<link>http://www.gfsnews.com/article/1023/1/</link>
                <guid>http://www.gfsnews.com/article/1023/1/</guid>
                <pubDate>Monday 7 Feb 2011 10:25:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/1023_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/1023_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[OECD TOOLKIT FOR 'AGGRESSIVE' TAX PLANNING]]></title>
                <description><![CDATA[A toolkit for national tax authorities to ward against "aggressive" tax planning by large corporations and the very wealthy with funds offshore has been published by the OECD.

Published today, the document reveals measures including mandatory disclosure initiatives that help national authorities to prevent wide-scale tax avoidance. Strategies recommended include cooperative compliance...]]></description>
				<link>http://www.gfsnews.com/article/975/1/</link>
                <guid>http://www.gfsnews.com/article/975/1/</guid>
                <pubDate>Tuesday 1 Feb 2011 10:51:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/975_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/975_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[UK OFFSHORE TAX EVADERS FACE 200% FINE]]></title>
                <description><![CDATA[The UK tax authority has announced plans to slap a fine of up to 200 per cent on those found to be hiding money offshore.

In a statement issued on Monday, HM Revenue and Customs said that penalties for non-compliance would come into effect from 6 April and be linked to the tax transparency of the country involved.

Penalties are set to be increased for under-declared income and gains from...]]></description>
				<link>http://www.gfsnews.com/article/967/1/</link>
                <guid>http://www.gfsnews.com/article/967/1/</guid>
                <pubDate>Monday 31 Jan 2011 15:28:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/967_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/967_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[NO PLACE TO HIDE: OECD PEER REVIEWS CLOSE IN ON 'TAX HAVENS']]></title>
                <description><![CDATA[It's a bold claim, but one which will be music to the ears of G20 members, who since the financial crisis have stepped up their rhetoric against so-called international tax havens.

"Effectively there is no place where you can hide," says Achim Pross, "Every major financial centre in the world has agreed to the OECD standard."

The premise is that, whether you are a business or individual, if...]]></description>
				<link>http://www.gfsnews.com/article/954/1/</link>
                <guid>http://www.gfsnews.com/article/954/1/</guid>
                <pubDate>Monday 31 Jan 2011 10:06:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/954_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/954_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[FLAWS IN BARBADOS BANK TREATIES REVEALED]]></title>
                <description><![CDATA[Barbados is unable to exchange banking information with a quarter of its foreign tax treaty partners, according to a review by the Organisation for Economic Cooperation and Development.

Calling for an overhaul of regulations, the peer review, published on Thursday, reveals "serious deficiencies" at the heart of the tropical Caribbean resort's external agreements.

According to the review -...]]></description>
				<link>http://www.gfsnews.com/article/942/1/</link>
                <guid>http://www.gfsnews.com/article/942/1/</guid>
                <pubDate>Thursday 27 Jan 2011 19:02:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/942_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/942_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA['SERIOUS DEFICIENCIES' IN SAN MARINO TAX]]></title>
                <description><![CDATA[San Marino, the enclave of Europe's rich and famous, suffers from "serious deficiencies" in its legal and regulatory tax system, according to a report published by the Organisation for Economic Cooperation and Development.

The sovereign state with a reputation for banking secrecy has such weak domestic disclosure requirements that it is limited in its ability to meet information requests from...]]></description>
				<link>http://www.gfsnews.com/article/941/1/</link>
                <guid>http://www.gfsnews.com/article/941/1/</guid>
                <pubDate>Thursday 27 Jan 2011 17:40:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/941_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/941_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[GUERNSEY REJECTS SOLV II EQUIVALENCE]]></title>
                <description><![CDATA[Authorities in Guernsey, the offshore financial centre, have said that they have no plans to seek equivalence under the EU's Solvency II review.

In a joint statement issued on Tuesday, the Guernsey Financial Services Commission and Commerce and Employment Department insist they remain focused on meeting international insurance standards.

However they say that they will consult with the...]]></description>
				<link>http://www.gfsnews.com/article/919/1/</link>
                <guid>http://www.gfsnews.com/article/919/1/</guid>
                <pubDate>Tuesday 25 Jan 2011 13:45:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/919_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/919_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[IN BRIEF: SWISS BANKER ARRESTED AGAIN]]></title>
                <description><![CDATA[Swiss prosecutors arrested banker Rudolf Elmer for questioning just a few hours after he received a fine from Zurich's regional court on Wednesday for stealing data on offshore bank accounts. 

The new probe relates to him handing the data over to WikiLeaks founder Julian Assange on Monday at a press conference in London's Frontline Club. 

The data is not expected to be released for several...]]></description>
				<link>http://www.gfsnews.com/article/892/1/</link>
                <guid>http://www.gfsnews.com/article/892/1/</guid>
                <pubDate>Friday 21 Jan 2011 10:43:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/892_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/892_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[CAYMAN AND IRELAND WAR OF WORDS HOTS UP]]></title>
                <description><![CDATA[The war of words between Cayman and Ireland intensified this week as the chairman of the Cayman Islands Stock Exchange described claims that the jurisdiction is losing funds to Ireland as a "load of blarney".

Anthony Travers, who also serves as chairman of Cayman Finance group, hit out on Thursday at comments from the Irish Funds Industry Association, which he said perpetuate the "myth" that...]]></description>
				<link>http://www.gfsnews.com/article/884/1/</link>
                <guid>http://www.gfsnews.com/article/884/1/</guid>
                <pubDate>Thursday 20 Jan 2011 11:18:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/884_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/884_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SWISS BANKER ESCAPES JAIL OVER STOLEN DATA]]></title>
                <description><![CDATA[The Swiss banker who handed over details of thousands of offshore tax account holders to Wikileaks earlier this week escaped jail today, despite being found guilty of breaking Swiss data protection laws.

Rudolf Elmer, who formerly headed up the Cayman Islands branch of Swiss private bank Julius Baer, was handed a fine of around $6,000 by a judge at Zurich's regional court this afternoon. 

<a...]]></description>
				<link>http://www.gfsnews.com/article/874/1/</link>
                <guid>http://www.gfsnews.com/article/874/1/</guid>
                <pubDate>Wednesday 19 Jan 2011 16:45:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/874_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/874_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[BASEL CHAIRMAN TOPS GFS POWER 50 LIST]]></title>
                <description><![CDATA[Dutch central banker Nout Wellink has topped the GFS Power 50 list of those who have wielded the greatest influence on worldwide financial regulation in the past 12 months.

At number one, the chairman of the Basel Committee on Banking Supervision, Wellink has unveiled game-changing proposals on capital requirements and liquidity for the world's banks.  

In second place in the top 50 list,...]]></description>
				<link>http://www.gfsnews.com/article/863/1/</link>
                <guid>http://www.gfsnews.com/article/863/1/</guid>
                <pubDate>Wednesday 19 Jan 2011 00:01:00 +0100</pubDate>   
                <author>GFS staff</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/863_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/863_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SWISS BANKER TO REVEAL OFFSHORE SECRETS]]></title>
                <description><![CDATA[A Swiss banker has today passed around 2,000 confidential offshore bank account details to WikiLeaks founder Julian Assange to reveal the alleged "abuses" and "tax evasion" of offshore banks and investors.

Rudolf Elmer, who formerly headed up the Cayman Islands office of Swiss private bank Julius Baer, is due to go on trial later this week in Zurich, accused of breaching bank confidentiality....]]></description>
				<link>http://www.gfsnews.com/article/840/1/</link>
                <guid>http://www.gfsnews.com/article/840/1/</guid>
                <pubDate>Monday 17 Jan 2011 10:14:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/840_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/840_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[CRISIS GIVES HONG KONG 'EXTRAORDINARY OPPS']]></title>
                <description><![CDATA[The chief executive of the Government of the Hong Kong has called on the Asia Pacific region to grasp the opportunities of the new economic order.

Speaking at this year's Asia Financial forum in Hong Kong, Donald Tsang said the recent financial crisis has "presented our city with extraordinary opportunities".

Tsang says that with strong domestic demand in China, relatively good fiscal...]]></description>
				<link>http://www.gfsnews.com/article/838/1/</link>
                <guid>http://www.gfsnews.com/article/838/1/</guid>
                <pubDate>Monday 17 Jan 2011 09:53:00 +0100</pubDate>   
                <author>Andrew Naylor</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/838_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/838_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SARKOZY DEMANDS IRELAND RAISE CORP TAXES]]></title>
                <description><![CDATA[French President Nicolas Sarkozy has toughened his stance on Ireland's low corporate tax rate, claiming it is a deterring investment in countries that have saved its economy. 

"I deeply respect the independence of our Irish friends and we have done everything to help them," said Sarkozy, speaking on a visit to an Airbus factory in Toulouse on Thursday.

"But they cannot continue to ask us to...]]></description>
				<link>http://www.gfsnews.com/article/836/1/</link>
                <guid>http://www.gfsnews.com/article/836/1/</guid>
                <pubDate>Friday 14 Jan 2011 16:10:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/836_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/836_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[IAIS ELECTS OFFSHORE SUPERVISOR HEAD]]></title>
                <description><![CDATA[The International Association of Insurance Supervisors has elected the Financial Services Commission of Gibraltar's head of insurance supervision Michael Oliver to its executive committee. 

Oliver will represent the Offshore Group of Insurance Supervisors which speaks on behalf of financial centres. 

He has been at the FSC for just over two years and is a fellow of the Chartered Insurance...]]></description>
				<link>http://www.gfsnews.com/article/829/1/</link>
                <guid>http://www.gfsnews.com/article/829/1/</guid>
                <pubDate>Friday 14 Jan 2011 10:51:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/829_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/829_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[IN BRIEF: JERSEY SIGNS 9TH G20 TAX DEAL]]></title>
                <description><![CDATA[The governments of Canada and Jersey have signed a tax information exchange agreement aiming to increase transparency between the nations. 

The agreement provides the mutual exchange of tax information that either country possesses or has access to, in order to better administer and enforce taxation laws and to prevent international tax evasion. 

It is based on the OECD's internationally...]]></description>
				<link>http://www.gfsnews.com/article/821/1/</link>
                <guid>http://www.gfsnews.com/article/821/1/</guid>
                <pubDate>Thursday 13 Jan 2011 13:52:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/821_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/821_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[PWC: INSURERS FACE MASSIVE DISRUPTION]]></title>
                <description><![CDATA[PricewaterhouseCoopers' head of financial services has warned that differing regulation threatens to be a "major source of disruption" for firms operating across multiple jurisdictions.   

Commenting on the macro trends and issues that will have the biggest impact on the financial services industry in 2011, Nigel Vooght singled out the banking and insurance sectors as those facing the most...]]></description>
				<link>http://www.gfsnews.com/article/748/1/</link>
                <guid>http://www.gfsnews.com/article/748/1/</guid>
                <pubDate>Wednesday 5 Jan 2011 14:10:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/748_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/748_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[MYTH-BUSTING CAYMAN EYES INDONESIA]]></title>
                <description><![CDATA[Caribbean financial centre the Cayman Islands has revealed that it is on the cusp of signing a tax information exchange agreement with the Republic of Indonesia.

The announcement comes as the islands' Monetary Authority seeks to scotch suggestions that the jurisdiction is losing its domiciled funds to European countries.

Cayman Attorney General Samuel Bulgin, reporting the negotiations on...]]></description>
				<link>http://www.gfsnews.com/article/738/1/</link>
                <guid>http://www.gfsnews.com/article/738/1/</guid>
                <pubDate>Tuesday 4 Jan 2011 18:18:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/738_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/738_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[TAX HIKES MAY LEAD TO INCREASED FRAUD]]></title>
                <description><![CDATA[Switzerland, Portugal and Poland are among the nine countries that have approved VAT rises to come into force this week. 

Industry commentators say that fragile consumer confidence could be hit by the rises which are likely to add 1 to 2 per cent onto inflation rates and could even lead to increased VAT fraud.

Nine countries, mainly in the European Union, have hiked VAT rates including the...]]></description>
				<link>http://www.gfsnews.com/article/737/1/</link>
                <guid>http://www.gfsnews.com/article/737/1/</guid>
                <pubDate>Tuesday 4 Jan 2011 18:06:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/737_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/737_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[POLL: 14% OF FINANCIAL EXECS MAY LEAVE UK]]></title>
                <description><![CDATA[Rising taxes and a clampdown on pay and bonuses are unlikely to spark an exodus of financial services executives leaving the UK, according to a new survey.

The poll of 415 individuals working in the City of London by eFinancialCareers.com revealed that 14 percent are however looking for a job overseas.

The remaining 86 percent say they are happy to remain in the country, spurning potentially...]]></description>
				<link>http://www.gfsnews.com/article/735/1/</link>
                <guid>http://www.gfsnews.com/article/735/1/</guid>
                <pubDate>Tuesday 4 Jan 2011 16:14:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/735_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/735_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[NORMAN CHAN, CHIEF EXECUTIVE OF HONG KONG MONETARY AUTHORITY]]></title>
                <description><![CDATA[Norman Chan was appointed to the top job at the Hong Kong Monetary Authority in October 2009 after a long stint as the central bank's deputy chief executive and a brief absence as vice chairman of Standard Chartered Bank. 

Under his stewardship, Hong Kong has forged stronger ties with central banks across the Asian region. Already a major player in offshore finance, the jurisdiction is also...]]></description>
				<link>http://www.gfsnews.com/article/715/1/</link>
                <guid>http://www.gfsnews.com/article/715/1/</guid>
                <pubDate>Thursday 30 Dec 2010 23:26:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/715_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/715_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SWISS BANKS FORCED TO HOLD 19% OF CAPITAL]]></title>
                <description><![CDATA[Systemically important banks in Switzerland could be required to hold 19 per cent of their capital to protect against future crises, under new proposals from the Swiss Federal Council.

The requirements, which make Swiss requirements more stringent than Basel III, would apply to the country's systemically important UBS and Credit Suisse banks.

Under the plans, banks will be forced to hold a...]]></description>
				<link>http://www.gfsnews.com/article/690/1/</link>
                <guid>http://www.gfsnews.com/article/690/1/</guid>
                <pubDate>Thursday 23 Dec 2010 17:41:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/690_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/690_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[IN BRIEF: TAX CDS NET GERMANY EXTRA €1.8BN]]></title>
                <description><![CDATA[A controversial decision by German authorities to buy CDs containing the account details of tax evaders in Switzerland and Liechtenstein has reportedly netted the country an extra €1.8bn ($2.4bn).

According to the Spiegel newspaper, government sources estimate that the decision to buy the discs will have paid off handsomely for the country's exchequer in subsequent tax rebates.

The...]]></description>
				<link>http://www.gfsnews.com/article/668/1/</link>
                <guid>http://www.gfsnews.com/article/668/1/</guid>
                <pubDate>Tuesday 21 Dec 2010 16:41:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/668_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/668_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[JEFFREY OWENS, TAX DIRECTOR OF OECD]]></title>
                <description><![CDATA[The former Cambridge University tutor has been hugely influential at the OECD's Centre for Tax Policy and Administration in pushing for reforms of offshore tax havens and encouraged over 200 tax information exchange agreements in the last year alone. 

A regular on the debating scene, in May Owens was also part of the team behind the 15-country signing of a redesigned multilateral convention on...]]></description>
				<link>http://www.gfsnews.com/article/601/1/</link>
                <guid>http://www.gfsnews.com/article/601/1/</guid>
                <pubDate>Tuesday 14 Dec 2010 10:20:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/601_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/601_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[THINKTANK RAISES FEARS OF UK CITY EXODUS]]></title>
                <description><![CDATA[One in ten British-based financial services professionals say they are likely to quit the country amid tax concerns, according to a survey by an influential conservative thinktank.

Policy Exchange claims that almost a quarter (24 per cent) of those planning to relocate will do so within the year - rising to 54 per cent within two years - with 34 per cent blaming "tax and regulatory...]]></description>
				<link>http://www.gfsnews.com/article/577/1/</link>
                <guid>http://www.gfsnews.com/article/577/1/</guid>
                <pubDate>Thursday 9 Dec 2010 12:41:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/577_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/577_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SWISS ENTER DTAS WITH SIX COUNTRIES]]></title>
                <description><![CDATA[The Swiss Federal Council has adopted dispatches on double taxation agreements with six countries, aiming to promote the development of economic ties to the OECD's standard over administrative assistance.

The treaties include DTAs with India, Kazakhstan, Uruguay, Canada, Germany and Greece, and will now be submitted to Swiss parliament for approval. Following their endorsement, the agreements...]]></description>
				<link>http://www.gfsnews.com/article/550/1/</link>
                <guid>http://www.gfsnews.com/article/550/1/</guid>
                <pubDate>Monday 6 Dec 2010 10:54:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/550_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/550_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[DELOITTE PARTNER'S 'MULTI-MILLION DOLLAR' SCAM]]></title>
                <description><![CDATA[The US Securities and Exchange Commission has charged a former Deloitte Tax LLP partner and his wife with repeatedly leaking confidential information to family members based overseas, in an elaborate insider trading scam worth millions. 

The SEC says that San Francisco based Arnold McClellan and his wife Annabel provided illegal tips on at least seven mergers and acquisitions planned by...]]></description>
				<link>http://www.gfsnews.com/article/524/1/</link>
                <guid>http://www.gfsnews.com/article/524/1/</guid>
                <pubDate>Wednesday 1 Dec 2010 10:56:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/524_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/524_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SWISS FINMA DEFENDS ROLE IN UBS FURORE]]></title>
                <description><![CDATA[The Swiss Financial Market Supervisory Authority has defended its impartiality following a tax evasion crisis involving UBS bank.

Responding to a parliamentary report in May which suggested that the regulator had been leaned on by the Swiss government, Finma insisted that it acted "independently".

It also resisted calls to reinvestigate ex-UBS employees over the handling of the firm's client...]]></description>
				<link>http://www.gfsnews.com/article/508/1/</link>
                <guid>http://www.gfsnews.com/article/508/1/</guid>
                <pubDate>Monday 29 Nov 2010 11:03:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/508_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/508_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[TAX TANGLES OVER TRADED LIFE SETTLEMENT FUNDS]]></title>
                <description><![CDATA[The investment strategy for US traded life settlement funds is well documented and relatively straight forward - what is less straightforward it how the asset class is taxed.

At present, no formal agreement exists, a scenario which has attracted the attention of the US Internal Revenue Service.

The IRS has declared it will impose a 30 per cent withholding tax on non-US investors' profits...]]></description>
				<link>http://www.gfsnews.com/article/507/1/</link>
                <guid>http://www.gfsnews.com/article/507/1/</guid>
                <pubDate>Monday 29 Nov 2010 10:55:00 +0100</pubDate>   
                <author>Andrew Walters</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/507_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/507_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[EIB 'SHOULD AVOID' OFFSHORE PRIVATE EQUITY]]></title>
                <description><![CDATA[The European Investment Bank should spurn offshore private equity intermediaries when awarding loans to partners in developing countries, according to a new report.

Counter Balance, a coalition of non-governmental organisations based around the EU, argues that EIB funds are being channelled untracked through "unaccountable financial bodies" in tax havens overseas.

The report, published this...]]></description>
				<link>http://www.gfsnews.com/article/502/1/</link>
                <guid>http://www.gfsnews.com/article/502/1/</guid>
                <pubDate>Friday 26 Nov 2010 11:23:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/502_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/502_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[IRISH FUNDS 'LEAD THE WORLD' DESPITE TURMOIL]]></title>
                <description><![CDATA[The President of Ireland's International Financial Services Centre has said that in spite of the turmoil in the country's banking sector, the Irish asset management industry is the "leading centre of its kind in the world".

Speaking at an Irish Funds Industry Association seminar in London last night, John Bruton argued that the Irish funds industry is now at an all-time high "by whatever...]]></description>
				<link>http://www.gfsnews.com/article/495/1/</link>
                <guid>http://www.gfsnews.com/article/495/1/</guid>
                <pubDate>Thursday 25 Nov 2010 16:02:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/495_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/495_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[US WITHDRAWS JOHN DOE SUMMONS ON UBS]]></title>
                <description><![CDATA[The US tax authority has "fully and definitively" withdrawn the John Doe Summons served on UBS, following a delivery of administrative assistance cases by Switzerland. 

A statement released yesterday by the Swiss Federal Department of Finance claims that the Swiss Federal Tax Administration has examined around 4,450 UBS client accounts under the agreement with the US, with around 4,000 of these...]]></description>
				<link>http://www.gfsnews.com/article/436/1/</link>
                <guid>http://www.gfsnews.com/article/436/1/</guid>
                <pubDate>Wednesday 17 Nov 2010 10:30:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/436_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/436_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[OFFSHORE HEDGE BOSSES 'MISSED DANGERS']]></title>
                <description><![CDATA[The directors of offshore hedge funds are often under-qualified and over-stretched and fail to deliver an adequate standard of governance for institutional investors, a new report claims. 

Independent consultant HedgeDirector says that hedge fund investors should insist upon professional standards of oversight from the offshore boards. 

HedgeDirector founder Kevin Ryan says: "In practically...]]></description>
				<link>http://www.gfsnews.com/article/425/1/</link>
                <guid>http://www.gfsnews.com/article/425/1/</guid>
                <pubDate>Monday 15 Nov 2010 17:18:00 +0100</pubDate>   
                <author>Nicola York</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/425_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/425_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[CAYMAN & BERMUDA RAPPED OVER TAX]]></title>
                <description><![CDATA[Eighty countries have now implemented international tax evasion standards, according to figures released by the Organisation for Economic Co-operation and Development.

A report detailing progress up to 10 November shows that the number of compliant nations has doubled since April 2009, while more than 500 information exchange agreements have been signed. 

In a presentation at the G20 summit...]]></description>
				<link>http://www.gfsnews.com/article/419/1/</link>
                <guid>http://www.gfsnews.com/article/419/1/</guid>
                <pubDate>Friday 12 Nov 2010 17:08:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/419_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/419_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SWISS AND OMAN ENTER TAX AGREEMENT]]></title>
                <description><![CDATA[The Swiss Federal Department of Finance (EFD) has announced it has reached a double taxation agreement with Oman. 

The content of the deal remains confidential until consulted with concerned stakeholders, though according to the EFD it includes an administrative assistance clause regarding tax matters "in accordance" with the OCED standard. 

The deal will now be consulted with organisations...]]></description>
				<link>http://www.gfsnews.com/article/361/1/</link>
                <guid>http://www.gfsnews.com/article/361/1/</guid>
                <pubDate>Thursday 4 Nov 2010 10:25:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/361_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/361_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[SWITZERLAND SIGNS TAX COLLABORATION PACT]]></title>
                <description><![CDATA[Switzerland is to introduce a withholding tax on foreign assets and step up talks aimed at improving cross-border collaboration, following agreement with the government of the UK and Germany.

Swiss federal councillor Hans-Rudolf Merz and UK exchequer secretary to the Treasury David Gauke signed a deal in London on Monday, which paves the way for the countries to expand "cooperation in tax...]]></description>
				<link>http://www.gfsnews.com/article/295/1/</link>
                <guid>http://www.gfsnews.com/article/295/1/</guid>
                <pubDate>Monday 25 Oct 2010 16:16:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/295_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/295_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[CAYMAN ISLANDS AT 'CROSSROADS' SAYS MONETARY AUTHORITY]]></title>
                <description><![CDATA[International regulatory reforms are forcing Caribbean offshore financial centre the Cayman Islands to rethink its financial framework, according to a senior island official.

Patrick Bodden, deputy managing director of operations at the Cayman Islands Monetary Authority, has said that new international regulations such as the Dodd-Frank Act are so "stringent" that Cayman is being compelled to...]]></description>
				<link>http://www.gfsnews.com/article/250/1/</link>
                <guid>http://www.gfsnews.com/article/250/1/</guid>
                <pubDate>Monday 18 Oct 2010 10:22:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/250_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/250_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[IN CONVERSATION: HONG KONG'S JOHN TSANG]]></title>
                <description><![CDATA[With its combination of low or no taxes, a freely convertible currency and free flowing capital, Hong Kong has rebounded well from the global financial crisis. "Perhaps because of our open and externally orientated economy, Hong Kong has been spared a direct hit," remarks Tsang. 

"Unemployment has returned to pre-crisis levels of just over 4 per cent. We are forecasting robust GDP growth of...]]></description>
				<link>http://www.gfsnews.com/article/180/1/</link>
                <guid>http://www.gfsnews.com/article/180/1/</guid>
                <pubDate>Tuesday 5 Oct 2010 18:03:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/180_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/180_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[UK DPM EYES ACTIVITY TAX ON "RECKLESS" BANKS]]></title>
                <description><![CDATA[UK Deputy Prime Minister Nick Clegg today vowed to implement a raft of measures designed to hit banks and "super-rich" individuals who move funds offshore.

In a keynote speech to his party's annual conference in northern England, the Liberal Democrat leader revealed that the UK government is "working hard with our friends in Europe and beyond" on the idea of a "financial activities tax" on...]]></description>
				<link>http://www.gfsnews.com/article/112/1/</link>
                <guid>http://www.gfsnews.com/article/112/1/</guid>
                <pubDate>Monday 20 Sep 2010 17:13:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/112_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/112_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[UK COALITION GOVT PROMISES TAX CRACKDOWN]]></title>
                <description><![CDATA[The UK government today revealed plans to clamp down on businesses and wealthy individuals that it believes are wrongly avoiding or evading its tax duties.

Under the package of measures, almost a billion pounds a year will be spent trying to hunt down those companies and persons who "treat paying tax as an optional extra".

Offshore tax havens are expected to be targeted under the...]]></description>
				<link>http://www.gfsnews.com/article/108/1/</link>
                <guid>http://www.gfsnews.com/article/108/1/</guid>
                <pubDate>Sunday 19 Sep 2010 23:50:00 +0100</pubDate>   
                <author>Will Henley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/108_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/108_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[CESR "UNDERMINES" KEY AIM OF UCITS KII]]></title>
                <description><![CDATA[The Investment Management Association has raised concerns over the Committee of European Securities Regulators' consultation on the Key Investment Information document, stating that it could undermine a key objective.

Ucits managers will be required to produce a KII for all investors from the middle of next year. 

The IMA says it has concerns over the usability and fairness to investors of...]]></description>
				<link>http://www.gfsnews.com/article/107/1/</link>
                <guid>http://www.gfsnews.com/article/107/1/</guid>
                <pubDate>Friday 17 Sep 2010 14:27:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/107_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/107_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[IFCS PLAY KEY ROLE IN BOOSTING GROWTH IN DEVELOPING COUNTRIES]]></title>
                <description><![CDATA[International Financial Centres can increase foreign and domestic investment in developing countries which helps to alleviate poverty.

An example of this can be seen by the most successful poverty reduction effort in history - that of China. Since 1978, millions have been lifted out of poverty, with openness to foreign direct investment regarded as a key driver for Chinese growth during this...]]></description>
				<link>http://www.gfsnews.com/article/79/1/</link>
                <guid>http://www.gfsnews.com/article/79/1/</guid>
                <pubDate>Tuesday 13 Jul 2010 16:25:00 +0100</pubDate>   
                <author>Andrew Hickley</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/79_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/79_m3.jpg"/>
            </item> 
		<item>                
                <title><![CDATA[DON'T MAKE INTERNATIONAL FINANCIAL CENTRES THE SCAPEGOAT]]></title>
                <description><![CDATA[Globalisation has fuelled an unprecedented leap in world prosperity, doubling world GDP in a single generation. Lowered trade barriers have fostered	a globally accessible market, with dramatic improvements in standards of living for both rich and poor countries. 

Will plans for expanding regulation of financial services undermine the foundations for this success?

Enthusiasm for big,...]]></description>
				<link>http://www.gfsnews.com/article/9/1/</link>
                <guid>http://www.gfsnews.com/article/9/1/</guid>
                <pubDate>Sunday 28 Mar 2010 16:20:00 +0100</pubDate>   
                <author>Richard Hay</author>
				<media:thumbnail url="http://www.novares.eu/gfs_images/9_m3.jpg"/>
				<media:content url="http://www.novares.eu/gfs_images/9_m3.jpg"/>
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